NZDCHF approaching a resistance level
The NZDCHF pair has been rising steadily since its March low and is up more than 22% since then. New Zealand´s unemployment rate was down to 4,9% in the fourth quarter, helping the kiwi (the New Zealand dollar´s nickname) to rise to a one year old resistance level around 0.6482 (A). If the course managed to break above this resistance, it would have another two supply levels close to each other (B,C).
It would require more demand for the kiwi to push through these levels. If the resistance at A held and the bears could overcome the bulls, the price could test the support level at the previous relative low around 0.6260 (D), which is converging with the 50 exponential moving average. Lower support level would be around the 0.6020 area (E).