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NZD/CHF chart on Trading View used for analysis
- NZD/CHF is extending gains for the 2nd straight session, trades 0.29% higher on the day.
- The pair has retraced from lows of 0.6747 and is currently trading at 0.6812.
- Price action failed to break below strong support at 200-DMA, we see weakness only on break below.
- The pair has broken above 21-EMA at 0.6797 and is currently hovering around 20-DMA at 0.6815.
- Decisive break above 20-DMA could see further upside. Test of upper Bollinger Band at 0.6906 likely.
- Focus on New Zealand Q3 GDP figures. Markets expect Q3 GDP to edge lower to 0.6% from 1.0% in the previous quarter. Any significant surprise could support the pair higher.
Support levels - 0.6789 (5-DMA), 0.6740 (200-DMA), 0.6717 (50% Fib)
Resistance levels - 0.6847 (Dec 12 high), 0.6906 (Upper BB), 0.6978 (78.6% Fib)
Recommendation: Good to go long on break above 20-DMA (0.6815), SL: 0.6740, TP: 0.6845/ 0.69/ 0.6940.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
