NZD/CHF - confluence providing strong signal to sell

NZD/CHF has been within a bearish weekly trend since mid-June, with price creating lower highs on the daily timeframe. More recently, price has seen a bullish return into a zone of confluence that includes sloping resistance from the weekly, daily and 4H timeframes. This zone of confluence would lead us to the conclusion, that the latest bullish run is a pullback in the overall bearish trend, and that the most likely next step for price would be to fall back towards the support at 0.5970, thus continuing the overall bearish trend.

A break above each of the resistance zones at approx. 0.6110 would invalid this analysis.