NZD/CHF Price Analysis: Bulls getting back into gear above 10-dma
- NZD/CHF pulls back to support of the 10-day moving average.
- The upside bias is apparent on the daily chart, with work to do still on the 4-hour time frame.
NZD/CHF is offering a bullish bias on the daily chart as it holds above the 10-day moving average and confluence with significant Fibonacci retracements.
The following is a topdown analysis depicting a bullish bias, but with still some work to do on the lower time frames.
Daily chart
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On a measured retracement of the correction to the 10-day moving average, bulls can target a -0.272% Fibonacci target of 0.6460 as the range stands currently.
4-hour chart
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The environment on the 4-hour chart is not bullish enough with the price below the 10 moving average and resistance structure.
However, on a break of and restest, then the bulls will have the upper hand on a hold of the old resistance now turned support.
The setup would offer a 1:3 risk to reward opportunity with a stop loss below the newly formed structure.