NZDCHF came to strong RESISTANCE zone. Next - FALL

٥ فبراير ٢٠٢١

After last November the price touched the 0.633 resistance line and bounced from it to the 0.623 support line, the price began to move in an upward channel. The channel continues between these two lines.

However, during the growth, the price came to the strong resistance zone at the 0.648 point. This zone formed at the intersection of two lines. The first is the trend line. the second is a strong resistance line formed on the chart in July 2017 and combining the price highs.

The last time the price touched this line was in 2019, after which it collapsed and moved under it for almost two years. Therefore, now that the price has come to the line again, I expect that it will not be able to break it. On the chart, we can already see how the price bounced off the zone and showed a slight downward movement.

I expect it to fall further and come to the 0.635 support line.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻