NZD/CHF could see breakout
Following a six-week depreciation against the Swiss Franc, the Kiwi managed to reverse early on September and recover half of the losses. This upward movement revealed the existence of a junior channel up. This pattern, however, is a part of a longer-period descending channel in force since mid-July.
The pair is gradually approaching the upper boundary of the senior pattern which is located near the 61.8% Fibonacci retracement and the weekly R2 circa 0.7120. It is likely that this area is reached on Monday. Given that ascending wedge is generally a bearish formation, the Kiwi should break out to the upside, possibly using the aforementioned 0.7120 area as a reversal point. Subsequently, the downside target could be the 200-hour SMA and the 38.2% Fibo near 0.7020 a breakout of which should pave the way for a further decline.
If nothing changes in the direction of the pair, it might test the lower boundary of the senior channel in the medium term.
The pair is gradually approaching the upper boundary of the senior pattern which is located near the 61.8% Fibonacci retracement and the weekly R2 circa 0.7120. It is likely that this area is reached on Monday. Given that ascending wedge is generally a bearish formation, the Kiwi should break out to the upside, possibly using the aforementioned 0.7120 area as a reversal point. Subsequently, the downside target could be the 200-hour SMA and the 38.2% Fibo near 0.7020 a breakout of which should pave the way for a further decline.
If nothing changes in the direction of the pair, it might test the lower boundary of the senior channel in the medium term.
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