Blake Morrow’s EDGE Chart of The Day – The NZDCHF May Be a Safe Hideout!
If you think the world is not a safe place and looking for a place that traders may “hide out,” you may want to check out the NZDCHF. The USDCHF is back at resistance, and with the CHF a traditional “safe haven” currency, it may reassert its role in the coming days. NZDUSD is trading heavy, and the NZD is usually regarded as a risk currency, especially in an unsure world like the one we live in now.
The chart pattern here suggests that we are in an ascending wedge nearing the 38% retracement. While below the .5300 level, this may be a great short trade setup.