NZD/CHF formed a clear double top near the 0.6800 psychological resistance level. At the same time, the RSI oscillator is showing bearish divergence that could signal about a potential reversal or a correction down.
Overall the ascending channel was previously broken and Fibonacci applied to the breakout point shows potential downside target levels.
Today, price rejected the mid-line of the channel and started moving down. Consider selling NZD/CHF at the current level targeting either S2 (0.6585), S3 (0.6520), or S4 (0.6450) support levels. Stop loss should be placed above the 0.6800 resistance level.
Support: 0.6670, 0.6585, 0.6520, 0.6450
Resistance: 0.6800
