- Kiwi faded a minor-recovery attempt triggered by upbeat New Zealand GDP figures.
- Sharp drop seen in the NZ credit card spending data along with looming elections drag the bird lower.
- NZD/CHF hit 5-week highs at 0.7142 before edging lower to currently trade at 0.7110 levels.
- Switzerland SECO economic forecasts which will be released at 0545 GMT, followed by August trade balance report at 0600 GMT in focus for further impetus.
- Technical studies support upside, cloud offers strong support, break below could see minor weakness.
- On the weekly charts, the pair is trading in a rising channel with strong channel base support at 0.6895.
- Bullish invalidation seen on retrace below 200-DMA at 0.7039. Scope then for test of channel base support at 0.6895.
Support levels - 0.7081 (cloud base), 0.7050 (5-DMA), 0.7039 (200-DMA), 0.7014 (38.2% Fib retrace of 0.72909 to 0.68442 fall)
Resistance levels - 0.7120 (61.8% Fib), 0.7142 (session high), 0.72, 0.7295 (trendline)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-CHF-breaks-200-DMA-good-to-go-long-on-dips-target-07120-909030) has hit TP1.
Recommendation: Book partial profits at highs. Stay long for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 63.5995 (Neutral), while Hourly CHF Spot Index was at -87.9714 (Bearish) at 0515 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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