02/11/22 Daily Currency Strength Analysis: NZDCHF- Day Traders Opportunity

Wed 2nd November 2022

Today, Our Daily Currency Strength Weakness Video will focus on:

• NZDCHF

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

NZDCHF- Day Traders Opportunity

In today’s currency strength video we identified that the NZD is S1 on both tables. The CHF is W1 on the trend tables and is W2 on the day traders table. 

The NZDCHF pair last featured on the Currency Strength Indicator Tables on the 24th October. Since then the price has rallied over 200 pips from the lows. 

From a technical outlook the pair looks to be approaching a key level of resistance which is why we are looking for a day trading opportunity only. 

Those that are looking for a higher time frame trend trading opportunity may have to wait for a retracement. 

Technical Observations

• The NZD is S1 on the trend table and the CHF is W1 on the trend tables.
• The key level of 0.5900 is close to current price and will be likely targets for traders long.
• On the hourly chart we can see a bullish channel has formed since price last featured on the tables on 24th October.
• If the price respects and holds at the channel supporting trendline and previous highs at 0.5850 we could see buyers step in.
• Higher time frame traders may want to wait for a larger time frame pullback or a breach of the higher time frame trendline resistance.