The NZD/CHF uptrend has been taking place since August 2015. On the 8th of December, the price finally broke below the ascending channel suggesting that it might start a correctional move down.
The Fibonacci retracement indicator applied to the channel breakout point shows that NZD/CHF found support at the S3 (0.6530) level and resistance at R1 (0.6740).
While the resistance is unchanged, it is possible to sell NZD/CHF at the current level, targeting one of the support levels, either S1, S2 or S3. The stop loss should be placed above the most recent high (0.6786) reached on the 22nd of December.
Support: 0.6660, 0.6595, 0.6530
Resistance: 0.6740
