NZDCHF (1H) - short term bullish bias
The Swiss franc is showing weakness across the board on Wednesday. After a rally above the psychological level of 0.6400, the New Zealand dollar has been consolidating in a 50-pip range between 0.6370 and 0.6420. Buyers have been looking for an opportunity to push the price back up ever since the RSI showed an over-extension in the previous sell-off. This morning's strong momentum above 0.6400 along with a bullish MA cross suggest that sentiment has turned optimistic.
Key support: 0.6380
Key resistance: 0.6420
The Swiss franc is showing weakness across the board on Wednesday. After a rally above the psychological level of 0.6400, the New Zealand dollar has been consolidating in a 50-pip range between 0.6370 and 0.6420. Buyers have been looking for an opportunity to push the price back up ever since the RSI showed an over-extension in the previous sell-off. This morning's strong momentum above 0.6400 along with a bullish MA cross suggest that sentiment has turned optimistic.
Key support: 0.6380
Key resistance: 0.6420