FxWirePro: NZD/CHF finds strong support at 55-EMA, stay short on break below

NZD/CHF chart on Trading View used for analysis 

• NZD/CHF is extending weakness for the 2nd straight session.
   
• The pair is trading 0.86% lower on the day at 0.6794 at 1345 GMT.
   
• Price has broken below 20-DMA and is testing 23.6% Fib retracement at 0.6791.
   
• We see strong support at 55-EMA at 0.6780, break below to see further downside.
   
• Weakness till daily cloud at 0.6726 then likely. Further downside will see test of 38.2% Fib at 0.67.
   
• Major trendline resistance seen at 0.69 level. Bearish invalidation likely on decisive break above.

Support levels - 0.6791 (23.6% Fib), 0.6780 (55-EMA), 0.6726 (daily cloud)

Resistance levels - 0.6837 (20-DMA), 0.69 (trendline), 0.6915 (Feb 18 high)

Recommendation: Watchout for break below 55-EMA to  go short, target 0.6730/ 0.67

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