FxWirePro: NZD/CHF hovers around 38.2% Fib, weakness likely on break below

• NZD/CHF trades an extremely narrow range on the day, makes an intraday high of 0.6741 and low of 0.6717.
   
• Kiwi remains under pressure on dismal Chinese industrial profits data and NZ Q3 retail sales report weigh.
   
• Price action remains capped below weekly 200-SMA at 0.7028 and has shown a breach at channel base.
   
• Technical indicators are bearish, RSI gains downward traction at 38 levels and Stochs biased lower.
   
• The pair is hovering around 38.2% Fib retrace of 0.57587 to 0.73242 rally at 0.6726.
   
• Break below to see further weakness, test of 61.8% Fib at 0.6356 then likely.

Support levels - 0.6726 (38.2% Fib retrace of 0.57587 to 0.73242 rally), 0.6718 (2017 low), 0.67

Resistance levels - 0.6749 (5-DMA), 0.6840 (78.6% Fib retrace of 0.67182 to 0.72909 rally), 0.6832 (20-DMA)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-CHF-hovers-around-trendline-support-at-06795-break-below-to-see-further-weakness-1009316) has hit TP1.

Recommendation: Book partial profits. Hold for further downside.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -50.8428 (Neutral), while Hourly CHF Spot Index was at 80.1663 (Bullish) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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