LeoPrime Daily Market Analysis

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NZDCHF reversed from resistance area; Likely to fall to support level 0.63400

NZDCHF currency pair continues to fall strongly after the pair reversed down from the resistance area lying at the intersection of the resistance level 0.64200 (which stopped the previous waves (i) and (b) earlier this month) and the upper daily Bollinger Band. The pair is likely to form the daily reversal pattern Bearish Engulfing. Given the bearish divergence on the daily Stochastic and the strongly bullish Swiss franc sentiment seen across the FX markets today – NZDCHF currency pair can be expected to fall further toward the next support level 0.63400 (low of the previous minor correction).

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