NZDCHF bearish outlook with top down approach
On a monthly timeframe we clearly see that New Zealand Dollar is the slave to the Swiss Franc. Frankly, the strong downtrend is visible from afar. We can also see those beautiful Lhs and Lls being printed. From the resistance of the falling trend, we notice a strong rejection after price lingered around the level for about 9 months and a strong bearish engulfing bar was printed. I predict the downtrend to resume from here if possible printing a new low on a monthly timeframe.
Switching to a daily timeframe, we can see that for days NZDCHF has been consolidating, forming a pattern. Once this pattern gets broken we can expect a big move, if the breakout happens to the downside this would be an opportunity to look for long term sell setups.
Daily outlook and when to look for sell entry
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Switching to a daily timeframe, we can see that for days NZDCHF has been consolidating, forming a pattern. Once this pattern gets broken we can expect a big move, if the breakout happens to the downside this would be an opportunity to look for long term sell setups.
Daily outlook and when to look for sell entry
Friends, please support this idea with likes if you find this helpful. If you have any thoughts on this to share, please feel free to write in the comment section below.
