FxWirePro: NZD/CHF bounces of 20-DMA support, good to go long on dips

• NZD/CHF is trading in a horizontal channel pattern on daily charts, bias is higher.
   
• The pair trades above major moving averages and daily Ichimoku cloud.
   
• Price action has broken above 200W SMA which raises scope for upside.
   
• Weekly charts are also supporting gains. Weekly RSI strong above 50 levels and rising. ADX above 20 levels and rising, +ve DMI dominance seen.
   
• Upside finds immediate resistance at 61.8% Fib retrace of 0.72909 to 0.67066 fall at 0.7067.
   
• Break above 61.8% Fib will see next resistance at 0.7094 (Jan 12 high) and then 0.7117 (July 13 and Aug 15 high).
   
• 5-DMA at 0.7027 is immediate support followed by 20-DMA at 0.6992 and then 200-DMA at 0.6946. Violation at 200-DMA invalidates bullish bias.

Recommendation: Good to go long on dips around 0.7020/30, SL: 0.6940, TP: 0.7065/ 0.7115/ 0.7140

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 46.1708 (Neutral), while Hourly CHF Spot Index was at -41.3589 (Neutral) at 0340 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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