NZD/CHF Moves Down For the 8th Day In A Row; in a Downtrend Over Past 90 Days

NZD/CHF Price Recap

NZD/CHF is down 23 pips (0.39%) since yesterday (with its current price near 0.60035), marking the 8th day in a row a decrease has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 22.38% from the day prior, but up 88.45% from the same day the week before. Relative to other instruments in the Forex asset class, NZD/CHF ranked 28th yesterday in terms of percentage price change. Here is a price chart of NZD/CHF.

NZD/CHF Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days NZD/CHF’s price has gone down 20 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCHF, with 11 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 11, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of divergence, relative strength index and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

NZD/CHF has reached it’s monthly lower support zone and looks to be retracing. I anticipate that it will test the 4H / Daily trendline and possibly push up and test the gold 4H zone of sell/buy sensitivity above.