FxWirePro: NZD/CHF extends cloud breakout, on track to test 200-DMA, stay long

NZD/CHF chart on Trading View used for analysis

• NZD/CHF is extending cloud breakout, trades 0.45% higher on the day at 0.6696 at the time of writing.
   
• The pair is trading with a strong bullish bias. Momentum studies are bullish, RSI is above 60 levels.
   
• Price action has broken above cloud and we see +ve DMI dominance and MACD supports upside.
   
• Next bull target lies at 200-DMA at 0.6745. Breakout there could propel the pair higher.
   
• On the flipside, 5-DMA is immediate support at 0.6637. Retrace below cloud will negate bullish bias.

Support levels - 0.6637 (5-DMA), 0.6554 (cloud top), 0.6504 (23.6% Fib)

Resistance levels - 0.6717(50% Fib),  0.6745 (200-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-CHF-Trade-Idea-1451442) has hit TP1/2.

Recommendation: Book partial profits at highs. Trail SL to 0.6635, target 200-DMA

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.