NZDCHF 4H TIMEFRAME ANALYSIS
The pair's price broke out of the rising trend line (demand line) after forming a 'HEAD AND SHOULDER' pattern and has been consolidating for some time now.
The pair's price is also falling while respecting a falling trend line (supply line).
You should be monitoring to see if the price breaks the support zone of the consolidation box and wait for a 15 MINUTES correction before taking a short position at the pivot point (support turned resistance) at 0.60900, with the stop loss placed above the last lower low at 0.61310, ensuring that your stop loss is protected by 3 layers. The take profit can be set at the next significant support at 0.57600, however, an alert should be placed a few pips above this price point to ensure that you will be able to observe the price behavior as price approaches this zone so that in the worst case scenario you can close your trade a few pips short of the target.
The pair's price is also falling while respecting a falling trend line (supply line).
You should be monitoring to see if the price breaks the support zone of the consolidation box and wait for a 15 MINUTES correction before taking a short position at the pivot point (support turned resistance) at 0.60900, with the stop loss placed above the last lower low at 0.61310, ensuring that your stop loss is protected by 3 layers. The take profit can be set at the next significant support at 0.57600, however, an alert should be placed a few pips above this price point to ensure that you will be able to observe the price behavior as price approaches this zone so that in the worst case scenario you can close your trade a few pips short of the target.
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