LeoPrime Daily Market Analysis

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NZDCHF reversed from support area; Likely to rise to resistance level 0.63500.

NZDCHF currency pair recently reversed up from the support area lying between the pivotal support level 0.63000 (which has been reversing the price from January), 61.8% Fibonacci correction of the upward impulse from October and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous downward impulse wave 3. Given the oversold daily Stochastic and the proximity of the aforementioned support zone – NZDCHF currency pair can be expected to rise further toward the next resistance level 0.63500 (former strong support from the middle of July).

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