FxWirePro: NZD/CHF edges lower from 12-week highs at 0.7029, 200W SMA offers strong resistance

• NZD/CHF hits fresh 12-week highs at 0.7029 before paring some gains to currently trade at 0.7013 levels.
   
• 200W-SMA at 0.7013 is major resistance for the pair, decisive break above required to extend upside.
   
• The pair is trading with a bullish bias. Has shown break above 200-DMA and Ichi cloud.
   
• Technical studies support upside in the pair, RSI strong above 60 levels and rising.
   
• Momentum studies are bullish. ADX is above 25 levels and rising with +ve DMI dominance.
   
• Decisive break at 200W-SMA will find next resistance at 0.7067 (61.8% Fib retrace of 0.7290 to 0.6706 fall) ahead of 0.7117 (July 13 and Aug 15 high).
   
• On the flipside, retrace below 200-DMA at 0.6944 will negate bullish bias.

Support levels - 0.6978 (5-DMA), 0.6944 (200-DMA), 0.6914 (cloud top)

Resistance levels - 0.7013 (200W SMA), 0.7067 (61.8% Fib retrace of 0.7290 to 0.6706 fall), 0.7117 (July 13 and Aug 15 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-CHF-extends-breakout-at-200-DMA-and-Ichi-cloud-good-to-go-long-above-07015-1084970) holds.

Recommendation: Watch out for decisive breakout at 200W SMA for further upside.

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