The NZD/CHF exchange rate has been declining within a descending channel since the end of July.
From a theoretical perspective, it is likely that the currency pair could continue to trade downwards within the given channel in the medium term. Note that the pair could gain support from the monthly S1 and S2, located at 0.5996 and 0.5932 respectively.
In the meantime, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the Fibo 50.00% at 0.6246.
