The New Zealand Dollar has increased its trading range massively against the Swiss Franc. This bullish momentum began after the currency pair reversed from the bottom border of a dominant descending channel at 0.6300.
A strong support cluster set by the weekly PP and the combination of the 50– and 100-hour SMAs at 0.6813 was providing support for the exchange rate during the morning hours of Thursday’s session.
If this support cluster holds, the currency exchange rate will aim for the upper boundary of the given channel at 0.6937 during the following sessions.
However, the monthly R3 at 0.6897 could prevent this move from happening today.
