FxWirePro: NZD/CHF hits 29-month lows, kiwi offered across the board in response to dismal ANZ business confidence reading

NZD/CHF chart on Trading View used for analysis

• NZD/CHF slumps to 29-month lows at 0.6454, bias highly bearish.
   
• Kiwi offered across the board in response to dismal NZ business confidence reading.
   
• The ANZ business confidence reading fell to -50.3 in August from the previous month's print of -44.9. 
   
• Details of the report showed that 5 percent of firms surveyed by ANZ intended to reduce investment.
   
• The pair trades with a major bearish bias on weekly charts, bears target 61.8% Fib at 0.6356.
   
• Major trend is bearish, signs of minor pullback seen as momentum indicators approach oversold territory.
   
• The pair is holding minor support at 0.6455 (falling trendline). 21-EMA is stiff resistance. Break above could see extension of upside till 50-DMA.

Support levels - 0.6455 (trendline), 0.64, 0.6356 (61.8% Fib)

Resistance levels - 0.65, 0.6530 (5-DMA), 0.6587 (21-EMA)

Recommendation: Stay short on upticks. SL: 0.6590, TP: 0.64/ 0.6355

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -99.9356 (Bullish), while Hourly CHF Spot Index was at 60.0362 (Neutral) at 0730 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.