FxWirePro: NZD/CHF capped below 50-DMA at 0.6937, focus on RBNZ policy meeting

• NZD/CHF is trading in a narrow range on the day, caution seen ahead of RBNZ policy meet tomorrow.
   
• The pair remains capped below 50-DMA at 0.6937, break above could see further upside.
   
• 20-DMA at 0.6898 is strong support on the downside, price action holds above.
   
• Technical studies support upside in the pair. RSI and Stochs are biased higher.
   
• MACD is showing a bullish crossover on signal line and bullish divergence on RSI and Stochs keeps scope for upside.
   
• Focus now on GlobalDairyTrade (GDT) price auction, scheduled to be held on November 7.
   
• Also, the Reserve Bank of New Zealand’s (RBNZ) monetary policy decision, due to be unveiled on November 8 will provide clear direction.      

Support levels - 0.6912 (5-DMA), 0.6898 (20-DMA), 0.6790 (trendline)

Resistance levels - 0.6937 (50-DMA), 0.7001 (200-DMA), 0.7015 (trendline)

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 20.1931 (Neutral), while Hourly CHF Spot Index was at 52.632 (Neutral) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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