NZDCHF → An attempt to change the trend can be successful

NZDCHF forms a trend reversal. The price forms an upward price channel after breaking bearish trend resistance.

A technical pullback to the important support 0.56200 is forming on the chart. If the bulls hold this zone, the price will test the support area of the uptrend and continue its direction to the upper border of the range.
False breakout of the support area is possible.
MA-200 and MA-50 play a role of support in the current situation.

Strong support: 0.56200, uptrend support
Strong resistance: the area of 0.56500, level 0.5676.
I expect a bullish reaction after testing the support area. Most likely, the price will form a rebound from 0.56202 and go towards 0.57493

Regards R.Linda!

Kommentera:

The scenario is developing positively
At the moment we see a bounce of the price from the level 0.56202