- NZD/CHF is extending upside after bouncing off 200-DMA at 0.6930, bias higher.
- Price is hovering around 78.6% Fib retrace of 0.7094 to 0.6737 fall at 0.7018, breakout above will see further upside.
- Technical studies are supporting further gains in the pair. RSI is above 50 levels and biased higher.
- Stochs are showing a rollover from oversold levels and we see +ve DMI crossover on -ve DMI.
- Break above 78.6% Fib finds next major resistance at 88.6% Fib at 0.7053.
- On the flipside, we see strong support at 0.6960 (nearly converged 61.8% Fib and trendline). Weakness likely on break below.
- We see bullish invalidation only below 200-DMA at 0.6930.
Support levels - 0.6990 (5-DMA), 0.6960 (nearly converged 61.8% Fib and trendline), 0.6930 (200-DMA)
Resistance levels - 0.7018 (78.6% Fib), 0.7053 (88.6% Fib), 0.71
Recommendation: Good to go long on break above 78.6% Fib) at 0.7018, SL: 0.6960, TP: 0.7050/ 0.71/ 0.7125
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