- NZD/CHF rejected at session highs at 0.6916, slips lower to currently hover around 20-DMA at 0.6895.
- 50-DMA at 0.6937 caps upside in the pair, we see upside only on break above.
- Technical studies support upside in the pair. RSI and Stochs are biased higher.
- MACD is showing a bullish crossover on signal line and bullish divergence on RSI and Stochs keeps scope for upside.
- On the flipside, we see weakness in the pair closes below 5-DMA support at 0.6886.
- Focus now on GlobalDairyTrade (GDT) price auction, scheduled to be held on November 7.
- Also, the Reserve Bank of New Zealand’s (RBNZ) monetary policy decision, due to be unveiled on November 8 will provide clear direction.
Support levels - 0.6886 (5-DMA), 0.68, 0.6790 (trendline)
Resistance levels - 0.6937 (50-DMA), 0.70 (nearly converged 100 & 200-DMA), 0.7015 (trendline)
Recommendation: Wait for clear directional bias.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -23.045 (Neutral), while Hourly CHF Spot Index was at -14.2833 (Neutral) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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