NZDCHF bullish outlook - analysis for 01 June and beyondNew Zealand Dollar vs Swiss FrancICMARKETS:NZDCHFTranquilo1154It could be said that this pair has been bearish since mid-2007 but it would suffice to look at the current bearish leg that commenced in Mar 2021. My weekly chart shows the trend, also note that price has stayed below the 50 ema for the most part, showing how effective the ema has been as a dynamic resistance. The movement of price however changed substantially in Nov 2025 – we stopped seeing lower highs and lower lows. Instead, we have been seeing price moving in a range. V-bottoms are rather rare and when a transition occurs from a bearish to a bullish trend, this consolidating kind of price action is usually seen before the new trend takes off. Note however that price is still below the 50ema, the market structure is still bearish (on the weekly), but we could be one verge of a trend change. To take a closer look at recent price action, let us move to the daily chart. We can see that price action seems to be moving towards the upper side of the consolidation zone, the trendline hints that a squeeze to the upside may have started, we are starting to see price trying to stay above the 50ema .. all these are just initial signs (breadcrumbs) that the trend may become bullish. We do not have any actionable evidence yet. Obviously, we cannot predict/anticipate what will happen next or when that might happen. It would not be surprising if the multi-year bearish trend takes several weeks more of consolidation (accumulation) before it breaks out (or breaks down). Different type of traders will treat this situation in their own way, some may start building positions, others may trade the breakout (down) or a retest while others will wait for a proper trend to form and get established before taking any action. My own bias is bullish, but I am still keeping an open mind. Either way, I would suggest keeping this pair on the watchlist and taking action if and when the opportunity to trade presents itself that is in line with your trading plan and personality.