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[DAILY NOTION] TradingView - NZD/CHF Forecast - Oct 19, 2020

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[DAILY NOTION] TradingView - NZD/CHF Forecast - Oct 19, 2020

We discussed that within the weekly time frame, we are moving within a huge channel formed around the end of 2017 as well as the mini channel we are trading on the daily time frame!

The daily time frame is giving us a Bullish Flag Pattern, ready for an upside surge this week! If we go even further down into the 4-hour time frame, it is even more evident that this area is a HUGE SUPPORT/RESISTANCE ZONE considering that this area is still holding previous buyer support and seller resistance.

We are trading above this zone on the 4-hour time frame and very likely be able to hold the support momentum, thus continue its upward movement for the rest of the week! This is in line with the Daily Bull Flag and we are looking at a great 'Buy' potential of at least 40 Pips to the peak point of the Daily Channel at around 0.61000. If NZD/CHF goes beyond this level and moves Into 0.62000 area, we are even more bullish of the momentum to meet the level of 0.64000 in terms of weekly channel.

Source: TradingView

Edited 19 Oct 2020, 02:46

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