NZD/CHF Down 41 Pips; in a Downtrend Over Past 90 Days

NZD/CHF Price Recap

NZD/CHF is down 41 pips (0.67%) since yesterday (with its current price near 0.6102), marking the 6th day in a row a decrease has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 14.41% from the day prior, and up 122.5% from the same day the week before. Relative to other instruments in the Forex asset class, NZD/CHF ranked 31st yesterday in terms of percentage price change. Here is a price chart of NZD/CHF.

NZD/CHF Technical Analysis

The first thing we should note is that NZD/CHF is now close to its 20 day averages, located at 0.6247 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 19 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCHF, with 6 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.6, which is bearish. As for the rationale, technical traders seem to be citing the appearance of divergence and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The price reached a minimum historic level, 886 of the main trend and near the zone of his own harmonic AB=CD correction creating a PRZ zone….RSI indicator it’s very oversold but without divergence, currency strength index is NZD near the zone of oversold and CHF near the zone of overbought….The main trend is bearish so just wait a correction 1414cd stop loss, 618cd tp