FxWirePro: NZD/CHF hovers around 200-DMA, break below will see further weakness

• NZD/CHF finds strong support at 200-DMA at 0.6932, break below will see further weakness.
   
• The pair is extending weakness for 7th straight session, trades 0.10% lower on the day.
   
• Technical analysis supports bias lower. RSI well below 50, bias lower.
   
• Stochs are sharply lower, momentum heavily bearish. MACD shows bearish crossover on signal line.
   
• Bearish 5-DMA cross below 20-DMA and -ve DMI dominance adds to the bearish bias.
   
• Break below 200-DMA will see further weakness. Next bear target is at daily cloud at 0.6916.
   
• While on the upside, immediate resistance lies at 38.2% Fib at 0.6962.

Support levels - 0.6932 (200-DMA), 0.6916 (cloud top), 0.6865 (61.8% Fib)

Resistance levels - 0.6962 (38.2% Fib), 0.6974 (5-DMA), 0.7007 (20-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-CHF-Trade-Idea-1269929) has hit TP1.

Recommendation: Book partial profits. Watch out for break below 200-DMA for further weakness.

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