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Friday, January 15, 2021

NZDCHF: Will the price RISE more inside its ASCENDING CHANNEL?

NZDCHF: Will the price RISE more inside its ASCENDING CHANNEL?

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🟒Forex Pair:

Technical Analysis:
Let's start talking about the weekly perspective, the price has been following a strong uptrend, creating a rising wedge pattern started at the end of March 2020, the price is actually around the dynamic resistance of that pattern.

In the daily chart , since the end of October, the price got a strong impulse on the dynamic support of the rising wedge (see the level at about 0.59593), it moved up reaching and retesting the weekly trendline.

In the h4 chart, we can see the price getting a double rejection on the support level at about 0.62338, and since that moment it started a clear ascending channel (many rejections on the dynamic S/R level of the channel are an extra confirmation on this pattern).
On the 6th of January, the price reached again the weekly trendline and it retested the same zone more times without breaking it.
The next price action around this zone will be essential to understand the next market movement.

πŸ”΄Conclusion: ✔️
The price has actually reached the dynamic support of its ascending channel , at the same time we can see the price retesting a previous daily support level at about 0.63739.
I'm confident to see the price grows with a bullish scenario, trying to reach the channel's resistance.
If the price will show us a clear rejection, we could definitely start planning a long position!

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