NZDCHF - Bullish commitment

NZDCHF (1H) - short term bullish bias

After a test of the major support at 0.6286 the kiwi successfully bounced back and broke above the resistance at 0.6340. The following retracement found strong buying interest at the 61.8% (0.6310) Fibonacci level, in a similar way to a corrective wave in a five-wave rally. With the faster moving average crossing above the slower one, we expect more buyers to join the new trend and the third wave to extend towards the September high of 0.6400.

Key support: 0.6310
Key resistance: 0.6360