- NZD/CHF bulls take back control and test a critical level of resistance.
- A break of resistance offers a daily continuation prospect.
NZD/CHF is holding the 10-day moving average and following completion of a compelling correction, the bulls are back in control testing critical resistance.
The following illustrates the weekly, daily and 40hour time frame’s and price action as well as market structure.
Weekly chart
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The weekly price action has already tested the deep Fibonacci support and confluence of structure. The price has bolted into a supply area.
That being said, the daily chart remains bullish with prospects of an upside extension from a 50% Fibonacci retracement area.
Daily chart
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While the weekly resistance could be troublesome, the daily chart is showing bullish tendencies with the latest impulse to daily resistance and support.
4-hour chart
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A break of the current resistance will possibly be followed by a pullback to restest the structure offering the bulls a discount.
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