The New Zealand Dollar has appreciated massively against the Swiss Franc since the middle of September after the currency pair reversed from the lower boundary of a four-week ascending channel at 0.6333.
The exchange rate tested the upper boundary of the channel pattern at 0.6600 during yesterday’s trading session. After hitting the resistance level, the pair made a pullback south and currently moving towards a support level formed by the 50-hour simple moving average at 0.6502.
If this support level holds, it is expected that the currency exchange rate will aim for a re-tests at the upper border of the channel at 0.6600 during the following trading sessions.
