NZD/CHF | Sep 13, 2019
We have downward thrust on D1/daily time-frame of NZD/CHF, which gives a 'Bread and Butter' kind of opportunity . It retraced upward to 50% of the thrust and then moved down which validated 'Bread and Butter' already. We are entering at 35% of recent move down and target is 61.8% of upward retracement against downward thrust.
Currency correlation: NZD has not shown impressive bullish move while AUD and CAD have shown significant move. It shows its weakness that will help us get our 'Bread and Butter' if sell limit gets triggered. Besides these factors, bearish setup of USD/CHF (if succeeds), will help too; which is why we're willing to sell NZD against CHF (not against USD).
Riks: SL above top of recent move down.