This is my second attempt at analysis as the first one went well if you check my previous chart.
As we can see the chart has been hitting all of the fib retracement levels very nicely so far.
As the final candle before the market close shut above the 0.618 fib level @ 62350 it may already be bullish and ready to shoot now but i will await further...
NZDCHF - Daily Time Frame
Continuing in a downwards trend, market closed at 0.64217 -1.08%
Price is potentially still heading down to the area of 0.63200 with a further decline to the area of -23% on fib level.
This should give a nice rally up to 0.69000 or even longer 0.71000
* This profile is for educational purposes ONLY!
* The trade idea given is my...
. There is a possibility of temporary retracement to suggested support line (0.6593). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDCHF is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.