- NZD/CHF has bounced off strong trendline support at 0.6880, up 0.85% on the day.
- The pair has broken above 5-DMA at 0.6912, we see some early signs of reversal.
- RSI has turned and Stochs are on verge of rollover from oversold levels.
- Nearly converged 20-DMA and 50-DMA at 0.6990 is major resistance on the upside.
- Breakout at 0.6990 finds next major resistance at 0.7028, ahead of 61.8% Fib at 0.7092.
- On the flipside, we see weakness on break below major trendline support at 0.6880. Scope then for test of 0.6850 and then 0.6766 levels.
Support levels - 0.6911 (5-DMA), 0.6861 (23.6% Fib retrace of 0.7324 to 0.6718 fall), 0.6850 (Sept 4 low)
Resistance levels - 0.6949 (38.2% Fib), 0.6990 (20-DMA), 0.7028 (200-DMA)
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 92.623 (Bullish), while Hourly CHF Spot Index was at -84.556 (Bearish) at 1020 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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