Technical update for NZDCHF: False breakout, stop and reverse
With a false breakout above 23.6% Fibonacci, the NZDCHF pair ended the trading of May 25 and that has made a failure to the previous proposed long position.
After that, prices have collapsed below the previous placed short-term low at 0.6773 as seen on the provided eight-hour chart, encouraging us to use stop and reverse strategy.
Shorts are preferable with Vortex turning into negativity and a breakout below momentum indicator (Kairi indicator).
Measuring the distance between short-term support and resistance of sideways range suggests potential visit of 0.6645 boundaries.
On the upside, stability below 0.6850 is required to keep this outlook valid.