💱 NZDCHF - Pre-breakout setup. The market is getting to fall

٢٨ يوليو ٢٠٢٣

NZDCHF continues to observe a multi-month bearish trend. This time price finds limit support at 0.53362 and continues to make an onslaught on this zone.

TA on the high timeframe:
1) The strong bearish trend continues. Price is unable to update the local highs
2) Flat (consolidation) is being formed. Within the consolidation, the price is approaching the support for another breakout

TA on the low timeframe:
1) A bearish channel is formed. The price bounces off the resistance and tests the support
2) The currency pair is squeezed between 0.54000 and 0.53360
3) Another (4) support retest is formed. Under market pressure after the next test, the price may break the support and head lower towards 0.52500

Key support📉: 0.53360
Key resistance📈: 0.54000