FxWirePro: NZD/CHF breaks major support at 0.65, eyes 61.8% Fib at 0.6356

NZD/CHF chart on Trading View used for analysis 

• NZD/CHF has shown a break at major trendline support at 0.65, bias bearish.
   
• The pair is trading largely unchanged on the day, consolidating break below major trendline support.
   
• Price action is testing new multi-month lows every day, as the Kiwi remains offered across the board in response to poor NZ data.
   
• The pair trades with a major bearish bias on weekly charts, bears target 61.8% Fib at 0.6356.
   
• Major trend is bearish, minor pullbacks can be used to stay short in the pair.
   
• 21-EMA is stiff resistance at 0.6572. Break above could see extension of upside till 50-DMA at 0.6668.

Support levels - 0.6356 (61.8% Fib), 0.63

Resistance levels - 0.6466 (5-DMA), 0.65 (trendline support turned resistance)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-CHF-hits-29-month-lows-kiwi-offered-across-the-board-in-response-to-dismal-ANZ-business-confidence-reading-1421910) has hit TP1.

Recommendation: Book partial profits at lows, stay short for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -70.2748 (Neutral), while Hourly CHF Spot Index was at 94.4519 (Bullish) at 1115 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.