- NZD/CHF is trading in a 'Symmetric Triangle' pattern and is attempting breakout at triangle top.
- The pair is extending higher for the 5th straight session, we see scope for further upside.
- The pair is holding support at 50-DMA at 0.6894, has tested 'Triangle Top' at 0.6930 before paring some gains.
- Technical indicators support upside. RSI and Stochs are biased higher and we see +ve DMI dominance with ADX support.
- Upside finds stiff resistance at 200-DMA at 0.6940, break above could accentuate gains.
- On the flipside, breach below 50-DMA could see minor weakness, while violation at 20-DMA invalidate bullish bias.
Support levels - 0.6894 (50-DMA), 0.6839 (20-DMA), 0.68
Resistance levels - 0.6930 ('Triangle Top'), 0.6940 (200-DMA), 0.6953 (cloud top)
Recommendation: Good to go long on break above 200-DMA, SL: 0.6890, TP: 0.6955/ 0.70/
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 40.5657 (Neutral), while Hourly CHF Spot Index was at -85.0348 (Bearish) at 0930 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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