NZDCHF recently broke the multi-month support level 0.61600 (which stopped the previous sharp daily downtrend in August of 2019, as can be seen from the daily NZDCHF chart below). The breakout of this support level accelerated the active medium-term impulse sequence (3). Given the clear daily downtrend and the powerful bullish sentiment affecting the Swiss Franc at the moment – NZDCHF is expected to extend the losses toward the next support level 0.61000. Strong resistance now stands at the resistance level 0.61000.
