FxWirePro: NZD/CHF bounces off 200-DMA support, bearish divergence keeps scope for downside

NZD/CHF chart on Trading View used for analysis

• NZD/CHF bounces off 200-DMA support, intraday bias bearish.
   
• The pair has paused 2 straight sessions of downside. Bearish divergence keeps scope for downside.
   
• RSI and Stochs have rolled over from overbought levels. MACD is showing a bearish crossover.
   
• Break below 200-DMA will see weakness till 38.2% Fib at 0.6669 ahead of 0.6624.
   
• On the flipside, the pair finds immediate resistance at 5-DMA at 0.6815. Break above to see further upside.

Support levels - 0.6744 (200-DMA), 0.6717 (20-DMA), 0.6669 (38.2% Fib)

Resistance levels - 0.6816 (5-DMA), 0.6888 (Nov 16 high), 0.69

Recommendation: Watchout for break below 200-DMA to go short, target 0.6720/ 0.6670

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.