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  • NZD/CHF bulls seeking an upside extension to test the 0.68 area. 
  • The price is still below an important resistance and a test of old resistance, new support, would be preferable. 

NZD/CHF is forming an upside bias on the daily chart with some work yet to do on the 4-hour time frame before bulls might want to commit towards an upside extension. 

NZD/CHF daily chart

As can be seen, the price has been supported on a significant correction and the 10-day SMA is offering buttress to the upside bias. 

A target of 0.6820 is a measured -272% Fibonacci retracement of the daily correction’s range. 

4-hour chart

However, from a 4-hour perspective, there could be some downside to come yet and a test of old resistance would offer structure to protect a subsequent position in a resumption in the upside. 

Bulls will be looking for overhead resistance to give and offer a higher probability setup for the 0.6820 target. 

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