Ransquawk

NZDCHF has been strengthening since the beginning of this week. As can be seen on the daily chart below, increases started after rebound from the key support zone located within 0.6720.

The situation looks more clearly on the 4-hour chart, where the buyers managed to defeat the local resistance area yesterday in the vicinity of 0.6860. In addition, the session closed above the resistance at 0.6880 and the maximum from the last month 0.6899.This behavior of the price action indicates a strong growth momentum which can be used to open short-term long positions, for example, after correction to the broken resistance area starting at 0.6888, which currently plays role of a support.The first target for potential longs may be resistance near 0.6958. Another key supply zone stretches from 0.7020 to 7080.

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