FxWirePro: NZD/CHF extends 200-DMA breakout, bias higher, stay long

NZD/CHF chart on Trading View used for analysis

• NZD/CHF spikes past 50-DMA, trades 0.70% higher on the day at 0.6776 at 0745 GMT.
   
• The pair is extending 200-DMA breakout, intraday bias bullish.
   
• A 'Golden Cross' formation (bullish 50-DMA crossover on 200-DMA) on the daily charts raises scope for upside.
   
• Technical studies also support gains. Stochs and RSI are biased higher. MACD also supports gains.
   
• Next major bull target lies at 61.8% Fib at 0.6812 ahead of 0.6847 (Dec 12 high).
   
• On the flipside, 200-DMA is major support at 0.6708. Retrace below will negate the bullish bias.

Support levels - 0.6745 (50-DMA), 0.6708 (200-DMA)

Resistance levels - 0.6812 (61.8% Fib), 0.6847 (Dec 12 high)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-CHF-struggles-at-200-DMA-stay-long-on-break-above-1484344) has hit TP2.

Recommendation: Book partial profits at highs. Stay long fot further upside.

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