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.
