NZD CHF SHORT FROM RESISTANCE

NZD CHF SHORT FROM RESISTANCE

Currency pair - NZD CHF
Sell at - 0.5338
Take profit at - 0.5282
✔ Profit NZD CHF 56 points

The NZD/CHF currency pair has been experiencing a bearish trend recently, as indicated by the red color of the last week's candle. This bearish sentiment is further supported by the fact that the pair is currently overbought, as evidenced by its proximity to the upper band of the Bollinger Bands indicator.

Given these conditions, it is likely that we will see a bearish rebound from the resistance line above. This could potentially lead to a retest of the local target below, which is currently sitting at 0.528. Traders and investors should be cautious in this scenario and consider adjusting their positions accordingly to account for the potential downward movement of the pair.

It is important to keep a close eye on the price action of NZD/CHF in the coming days to see if the bearish trend continues or if there are any signs of a potential reversal. Technical analysis tools such as trend lines, support and resistance levels, and oscillators can be useful in making informed trading decisions.

Overall, the bearish trend on NZD/CHF combined with its overbought status suggests that caution is warranted for traders looking to enter or exit positions in this currency pair. It will be interesting to see how the price develops in the near future and whether the bearish momentum persists.

Comments

Take Profit NZD CHF 56 points
Take Profit NZD CHF 56 points

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