- NZD/CHF finds strong support at 200-DMA at 0.6932, break below will see further weakness.
- The pair is extending weakness for 7th straight session, trades 0.10% lower on the day.
- Technical analysis supports bias lower. RSI well below 50, bias lower.
- Stochs are sharply lower, momentum heavily bearish. MACD shows bearish crossover on signal line.
- Bearish 5-DMA cross below 20-DMA and -ve DMI dominance adds to the bearish bias.
- Break below 200-DMA will see further weakness. Next bear target is at daily cloud at 0.6916.
- While on the upside, immediate resistance lies at 38.2% Fib at 0.6962.
Support levels - 0.6932 (200-DMA), 0.6916 (cloud top), 0.6865 (61.8% Fib)
Resistance levels - 0.6962 (38.2% Fib), 0.6974 (5-DMA), 0.7007 (20-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-CHF-Trade-Idea-1269929) has hit TP1.
Recommendation: Book partial profits. Watch out for break below 200-DMA for further weakness.
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