NZD/CHF Still In Correction

Weekly chart:Since March 2009, NZD/CHF has managed more than once to find a bottom and enough buyers at around 0.58 CHF to drive the value back up each time. However, the upwards efforts in the area of 0.80 CHF have come to an end once more.

From the perspective of this big picture, we find an intact downtrend that is currently deep into the correction zone. But it is already the fourth correction, meaning that we must concede that this trend has a certain maturity. However, as long as the closing price does not exit the red box upwards, this downtrend will remain intact.

NZD/CHF Weekly Chart

Daily chart:The correction that we see in the weekly chart is showing itself in the daily chart in the form of an uptrend. This reached its last high at 0.72284 CHF; the accompanying correction zone runs between 0.68779 CHF and 0.63468 CHF on the lower side. At the moment, the price seems to be shifting into reverse gear and taking the path back into this green box. As soon as this is reached and reversal signals form there, a nice entry opportunity could become available.

NZD/CHF Daily Chart

Hourly chart:The hourly chart supports the scenario from the daily chart. We have a valid, young uptrend present with a correction zone between 0.71567 CHF and 0.69212 CGF on the lower side. At the time of writing, the price is nearing the lower area of this zone, but with this, it is also running into the oversold extreme area. The price should slowly balance out here, but should not exit the green box in a downwards motion in doing so, however. Only then could a lucrative entry opportunity also offer itself here.

NZD/CHF 1 Hour Chart

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