The NZD/CHF currency pair has been moving in a descending channel since late July. The exchange rate pullback from the upper boundary of a junior descending channel on July 31 and followed by a period of decline.
The New Zealand Dollar tested a resistance cluster formed by the 50-hour simple moving average and the combination of the weekly and the monthly PPs at 0.6581 on August 28 and made a U-turn south.
When looking at the currency exchange rate settings, the pair is likely to continue its southern journey during the following trading session for a potential target at the lower boundary of the descending channel.
