FxWirePro: NZD/CHF Trade Idea

FxWirePro's Hourly Currency Strength Index for NZD/CHF at 1200 GMT: Bullish

FxWirePro's Hourly NZD Spot Index was at 91.8957 (Bullish)
FxWirePro's Hourly CHF Spot Index was at -64.8623 (Neutral)  

Technical Analysis: Bias Bullish

- Bounces off 20-DMA with a hammer formation
- Breaks above 5-DMA at 0.7003
- RSI is above 50 levels and biased higher, Stochs show bullish momentum
- On hourly charts, price has broken strong trendline resistance at 0.7015.
- Price action on hourly charts has edged above major EMAs which are biased higher.

Support levels - 0.7005 (1H 55-EMA), 0.6982 (20-DMA), 0.6945 (200-DMA)

Resistance levels - 0.7038 (Jan 18 high), 0.7043 (61.8% Fib retrace of 0.7094 to 0.69608 fall), 0.7094 (Jan 12 high)

Recommendation: Good to go long on dips around 0.7005/10, SL: 0.6940, TP: 0.7040/ 0.7090

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