NZDCHF is facing bullish pressure from ascending trend line support. Prices might bounce off 1st support which is in line with 61.8% fibonacci retracement and 50% fibonacci extension. Prices might push towards 1st resistance which is a horizontal swing high resistance which coincides with 61.8% fibonacci extension. If prices fall through, it might reach 2nd support which is tagged to a horizontal swing low support which coincides with -68% fibonacci retracement and 100% fibonacci extension. Stochastics is also approaching support level of 2.19 before a bounce could be seen.
Trading Recommendation
Entry: 0.66636
Reason for Entry:
61.8% fibonacci retracement, 50% fibonacci extension
Take Profit: 0.67150
Reason for Take Profit:
Horizontal swing high resistance, 61.8% fibonacci extension
Stop Loss: 0.66363
Reason for Stop Loss:
Horizontal swing low support, -68% fibonacci retracement, 100% fibonacci extension
