NZD/CHF: buy target - 0.6800
By: Dmitriy Chernovolov
- NZD/CHF broke pivotal resistance level 0.6500
- Next buy target - 0.6800
NZD/CHF recently broke sharply above the pivotal resistance level 0.6500 (which reversed the previous minor correction (iv) in August, as you can see below). The breakout of this resistance level was preceded by the breakout of the 38.2% Fibonacci Correction of the earlier sharp downward impulse wave from April. The breakout of these resistance levels greatly accelerated the active (c)-wave, which belongs to the minor ABC correction 2 from the end of August.
NZD/CHF is likely to rise further in the active waves (c) and 2 toward the next buy target at the resistance level 0.6800 (previous strong support level, which reversed the pair multiple times in May).