Rationale for this trade is easy: a descending channel. The Swiss Franc came in strong yesterday being the best contender against USD and also fought against Euro despite its rally.
I believe that successful trading strategies rely heavily upon identifying consolidation zones. Consolidation zones provide us the right direction of the market. Consolidation happens when a market move sharply upside or downside. Later, a trader can use these consolidation zones to identify patterns, whether it be a continuation or reversal. It requires...
Expecting trend continuation on NZDCHF. Last week NZD was going lower but expecting to be stronger against CHF which is affected by eurozone weakness and low interest rates.
It looks solid long. Cash build up seems to have ended and Magic-T is pointing upwards. Trading currently above all the trend lines and the overall trend is long. There is a potential small profit of a couple of hundred pips, but the risk/reward is fair.
NZD gaining support from trendline and support level
THIS IS THE POSSIBLE SCENARIO IN THE NZDCHF SCENARIO 1D CHART IF IT BREAKS THE TRENDLINE AND SUPPORT PUT SELL ORDER @ 0.69000 AND TP @ 0.66500
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