The NZDCHF may be a “hideout”
If you think the world is not a safe place and looking for a place that traders may “hide out,” you may want to check out the NZDCHF. The USDCHF is back at resistance, and with the CHF a traditional “safe haven” currency, it may reassert its role in the coming days. NZDUSD is trading heavy, and the NZD is usually regarded as a risk currency, especially in an unsure world like the one we live in now.
The chart pattern here suggests that we are in an ascending wedge nearing the 38% retracement. While below the .5300 level, this may be a great short trade setup.
Blake Morrow
Our EDGE “Chart of the Day” feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, click here to learn more. Trade our money, take 75% of the gains and none of the risk.
Blake Morrow
