Daily Price Action
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Price Action Setups: NZDCHF, EURNZD and GBPCHF

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Fairly quiet day across the markets today, although things should start to pick up some tomorrow with additional scheduled event risk.

My favorite trade setup going into the week was NZDCHF. The pair has been trading within a well-defined channel all year and tested channel support once more last week.

Upon testing channel support the pair formed a bullish pin bar. From here I think the key resistance around .784 is of interest which would also close the gap from July 23rd.

NZDCHF daily chart

nzdchf daily forex chart

NZDCHF 4 hour bullish pin bar

nzdchf 4 hour forex chart

Another pair I’ve been watching closely is EURNZD. The pair has been in a steep downtrend since late last year and is currently coming into both horizontal resistance and trend line resistance around 1.58.

The current level is a bit hard to read as I would have preferred to see the market reach trend line resistance before looking for a short opportunity. Still, the 1.58 key resistance level should put up a good fight.

I’m standing aside for now to wait and see if we can’t reach trend line resistance while staying below 1.58.

eurnzd daily forex chart

GBPCHF analysis

gbpchf price action-blur

 

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