After testing the upper boundary of a long-term descending channel two weeks ago, the New Zealand Dollar has initiated a new wave down against the Swiss Franc. This movement has been bounded between the dotted channel lines.
The pair, however, has diminished its trading range in the this pattern during the past sessions and has consequently remained near the upper channel line. Thus, a new channel was drawn. In line with this pattern, the Kiwi should approach the 0.6970 mark in the short term and, with time, advance even further.