FX.co ★ Technical analysis of NZD/CHF for April 22, 2016

NZD/CHF formed a clear double top near the 0.6800 psychological resistance level. At the same time, the RSI oscillator is showing bearish divergence that could signal about a potential reversal or a correction down.

Overall the ascending channel was previously broken and Fibonacci applied to the breakout point shows potential downside target levels.

Today, price rejected the mid-line of the channel and started moving down. Consider selling NZD/CHF at the current level targeting either S2 (0.6585), S3 (0.6520), or S4 (0.6450) support levels. Stop loss should be placed above the 0.6800 resistance level.

Support: 0.6670, 0.6585, 0.6520, 0.6450

Resistance: 0.6800