LeoPrime Daily Market Analysis

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NZDCHF under bearish pressure; Likely to fall to support level 0.64850

NZDCHF currency pair under the bearish pressure after the price reversed down from the resistance zone located between the pivotal resistance level 0.65400 (previous monthly high from July), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous extended intermediate correction (B) from February. Given the overbought daily Stochastic and the worsening NZD sentiment as seen across the FX markets today, NZDCHF currency pair can be expected to fall further toward the next support level 0.64850 (previous resistance from the start of August).

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