NZD/CHF: trade idea
• NZD/CHF breaks resistance level 0.7090
• Next buy targets - 0.7200 and 0.7300
NZD/CHF has been rising steadily in the last couple weeks – in line with our earlier forecast for this currency pair. The price earlier broke above the resistance levels 0.6900 and 0.7000, which were set previously set as the buy targets for NZD/CHF. The breakout of these resistance levels accelerated the upward movement of this currency pair – helping NZD/CHF break above the next pivotal resistance level 0.7090 (former major support level which reversed the pair sharply in May of 2012 and in August of 2013, as you can see from the weekly NZD/CHF chart below).
NZD/CHF is likely to continue to rise strongly in the coming trading sessions toward the next buy targets 0.7200 and 0.7300. Buy stop-loss can be placed below the broken resistance level 0.7090.