NZD/CHF 1H Chart: Kiwi likely to retrace from channel
The New Zealand continued to extend its gains against the Swiss Franc during the first part of April. It peaked near the 0.7125 mark on April 13 prior to pushing back down to 0.6950 where the breached senior channel and a junior one are situated.
Meanwhile, technical indicators are located in the oversold territory. This suggests that the prevailing bearish sentiment could allay, thus allowing the pair to retrace from the aforementioned two channels. This surge might not be steep, given that several strong resistance clusters are limiting the pair up until the 0.7090 mark, including the 100– and 200-hour SMAs and the weekly PP circa 0.7050.
In terms of upside potential, the New Zealand Dollar should try approaching the upper boundary of the junior channel near 0.7180 during the following week.
Meanwhile, technical indicators are located in the oversold territory. This suggests that the prevailing bearish sentiment could allay, thus allowing the pair to retrace from the aforementioned two channels. This surge might not be steep, given that several strong resistance clusters are limiting the pair up until the 0.7090 mark, including the 100– and 200-hour SMAs and the weekly PP circa 0.7050.
In terms of upside potential, the New Zealand Dollar should try approaching the upper boundary of the junior channel near 0.7180 during the following week.
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