NZDCHF Wave Analysis – 05 November , 2018

FxPro Daily Economic Events
FxPro Daily Economic Events
  • NZDCHF broke resistance area
  • Further gains are likely

NZDCHF continues to rise inside after the earlier breakout of the resistance area lying between the resistance level 0.6650 (former support from July), daily up channel from September, 100-day moving average and the 38.2% Fibonacci correction of the previous downward impulse from April.

The breakout of this resistance area accelerated the active short-term impulse wave C – which belongs to the medium-term ABC correction (B) from September.

NZDCHF is expected to rise further and re-test the next resistance level 0.6750. Strong support now stands at 0.6650.

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