FxWirePro: NZD/CHF struggles at 200-DMA, break above to test 'Triangle top' at 0.7070

• Kiwi pares gains post CPI knee-jerk spike. NZD/CHF has settled back below the 0.70 handle after the initial CPI spike.
   
• New Zealand CPI data was for Q3 and arrived at 0.5% q/q vs the expected 0.4%. This came in substantially higher than the RBNZ forecasts.
   
• Consumer Price Index (YoY) rose to 1.9%, also beating expectations at 1.8%.
   
• Technical indicators support upside, RSI and Stochs are biased north and Stochs MACD is showing a bullish crossover.
   
• Price action has pierced into daily cloud and is holding support at 20-DMA at 0.6989. We see weakness on break below.
   
• Upside is struggling at 200-DMA at 0.7026. Breakout there could propel the pair to test 0.7070 (converged cloud top and Triangle top).

Support levels - 0.6989 (20-DMA), 0.6977 (50-DMA), 0.6962 (5-DMA), 0.6949 (38.2% Fib retrace of 0.7324 to 0.6718 fall)

Resistance levels - 0.7026 (200-DMA), 0.7068 (cloud top), 0.7092 (61.8% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-CHF-breaks-5-DMA-good-to-go-long-on-break-above-06982-950242) has hit TP1.

Recommendation: Bias higher, hold for further upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 128.445 (Bullish), while Hourly CHF Spot Index was at -97.0773 (Bearish) at 0350 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest