NZDCHF Chart Technical Outlook consolidates with a preference to buy low-on-risk appetite
NZD/CHF’s broad bias is bearish. Prices found a bottom in Q4 of the previous year and have been correcting higher since then. It printed higher highs and higher lows in a corrective channel. The pair rejected the channel support last Friday with a long wick. There is scope for further upside price action to complete the current consolidation phase. The pair correlates positively with the stock market. Today’s risk appetite can support the move. I expect any dips toward the support level of 0.5350 to fade. If broken, 0.5320 is the following barrier. Resistances are located at 0.5400 and 0.5450.
All in all, I have a short-term bearish bias, mid-term bullish and long-term bearish.
