By Anton Eljwizat – The pair has recorded much bearish behavior in the past several days. However, the technical data indicates that this trend may reverse anytime soon. For example, as I demonstrate below, the 8-hour chart signals that a bullish reversal is imminent. Forex traders have the opportunity to wait for the upward breach on the hourlies and go long in order to ride out the impending wave.
• Below is the 8-hour chart of the NZD/CHF currency pair.
• The technical indicators used are the Slow Stochastic, Williams Percent Range, and Relative Strength Index (RSI).
• Point 1: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 2: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
• Point 3: The Williams Percent Range has peaked near at the -100 marker, which means that there may actually be a strong level of upward pressure.
NZD/CHF 8- Hour Chart
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.
