FxWirePro: NZD/CHF Trade Idea

FxWirePro Currency Strength Index for NZD/CHF: Bias Bearish
FxWirePro's Hourly NZD Spot Index was at -147.707 (Bearish)
FxWirePro's Hourly CHF Spot Index was at 90.6871 (Bullish)

Technical Analysis: Bias Bearish
- Price has broken major trendline support at 0.68
- Extends weakness after rejection at 200W SMA
- Momentum studies bearish, Stochs and RSI sharply lower
- MACD supports trend lower, -ve DMI dominance

Fundamental Factors:
- Kiwi remains under pressure after the Reserve Bank of New Zealand (RBNZ) kept the overnight cash rate (OCR) unchanged at 1.75 percent.
- The RBNZ statement has a more dovish bias with the central bank also hinting readiness to act if conditions sway from its expected path.

Support levels - 0.6726 (38.2% Fib), 0.6706 (Nov 2017 low), 0.66, 0.6541 (50% Fib)
Resistance levels - 0.6784 (5-DMA), 0.68 (trendline), 0.6857 (5W SMA)

Recommendation: Good to go short on upticks around 0.6750/60 SL: 0.68, TP: 0.6725/ 0.67/ 0.66