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Market Analysis

Home » Featured » NZDCHF – Another Leg Higher Underway?

NZDCHF – Another Leg Higher Underway?

Posted by FXTimes in Featured - November 23rd, 2015 12:30 pm GMT

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Key Points

  • New Zealand Dollar crashed recently against the Swiss Franc, but found support near 0.6620.
  • There is a crucial support building around 0.6600-20 that may act as a barrier for sellers in the near term.
  • The pair may trade higher in the near term as long as it is above the stated support area.
  • Earlier today, the New Zealand Visitor Arrivals released by the Statistics New Zealand registered a rise of 8.9% in October 2015.

Technical Analysis

The NZDCHF pair recently fell towards 0.6620 where buyers appeared to prevent the downside. The stated area represents a major support, as the 50% Fib retracement level of the last wave from the 0.6550 low to 0.6701 high is coinciding with it.

NZDCHF

Moreover, there is a bullish trend line formed on the hourly chart, which is moving with the 100 hourly MA. The pair is already starting to show positive signs and might trade higher.

On the downside, a break below the trend line and support area may be a negative call.

New Zealand Visitor Arrivals

Today the New Zealand Visitor Arrivals, calculating the number of visitors to New Zealand was reported by the Statistics New Zealand. The market was expecting an increase of around 10%, but the outcome was a bit disappointing. The New Zealand Visitor Arrivals rose 8.9% in October 2015, compared with October 2014.

Commenting on the report, the population statistics manager, Joel Watkins, stated that the “Rugby World Cup kicking off in September coincided with a large increase in New Zealand residents holidaying in the United Kingdom, and the number of holidays to the United Kingdom nearly doubled from September 2014”.

In short, the pair seems like catching bids at the moment, and if buyers gain control, the trend may change in favor of bulls moving ahead.

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