BoonHooi

NZDCHF - The DOWN before the UP

Kort
FX:NZDCHF   New Zealand Dollar/Swiss Franc
NZDCHF seems to be in a range for the past 1 months after the drop prior to that.

Pattern identification
Noticed in the earlier post, there was a potential Bat pattern forming, how that quickly became invalid and now we could be forming a bearish Shark pattern. If rice goes higher than PtC here, then this Shark too becomes invalid.

Shark Pattern to complete lower

Trade Execution
I am trying to take a short on the CD-leg move down. Reason is that we have a nice Shark in the making and that there is a strong resistance level at 0.7040/50 for a high probability short.

So let's monitor and see how price reacts to the resistance zone.
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