Cabana Capitals Blog Forex Broker NZD/CHF: Bulls are forming rounding bottom pattern.

NZD/CHF: Bulls are forming rounding bottom pattern.

NZD/CHF: Bulls are forming rounding bottom pattern. post thumbnail image

General overview: The pair hitting the highest high in the market. The bulls are showing their positive aggression towards the high side in the market. The bulls are testing the positive impulse in the market and advised the buyers to have their investment towards the bullish side in the market. The pair hitting the multi-highs level 0.6476 this time and we can expect the higher move further. The demand for the currency is strong and the inflation rate is higher. Traders focus lots of energy on the buy-side market. The trend is set towards the higher highs in the market. The bulls are established the bullish signals in the market. The market is on a strong buying side and more uptrend can be expected.

Technical overview: From the technical point of view we can say that market creates a strong bullish side towards the market. The trend index is towards the buy-side in the market. On the daily chart, we can see that market creates the bullish candlesticks in the market and we find upward swings in the market .on the hourly chart the head and shoulder patterns are formed and find breakout at level0.6445 as headed towards the upside in the market. The golden crossover can be seen also and it gives more confirmation of buying. The rounding bottom pattern is also forming on 4 hourly charts as the resistance line breakout can see after0.6475.The minor lines EMA rises above the major SMA lines and creates buy signals. The pair is also above EMA lines. The pair taking the support from the moving averages and makes it step towards buy signals in the market. The indicators are also creating buy signals as RSI moves above the 50 levels creates a strong bullish side as well as MACD also rises above the zero lines. The support level of the market is 0.6425 followed 0.6375 and resistance is 0.6525 followed 0.6575.

Trade idea: Our traders buy at a level below 0.6476 targets will be 0.6546 and 0.6586, stop loss is 0.6396


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