- NZD/CHF consolidates previous session's massive slump, trades largely muted on the day.
- The pair is hovering around major trendline support at 0.6795, break below to see further weakness.
- Price action has slipped below weekly cloud and major moving averages.
- Technical studies support downside. RSI and Stochs are sharply lower and MACD shows bearish crossover on signal line.
- Immediate support below 0.6795 lies at 0.6726 (38.2% Fib retrace of 0.57587 to 0.73242 rally), while weekly 5-SMA at 0.6858 is immediate resistance.
Support levels - 0.6726 (38.2% Fib retrace of 0.57587 to 0.73242 rally), 0.6718 (2017 low), 0.67
Resistance levels - 0.6840 (78.6% Fib retrace of 0.67182 to 0.72909 rally), 0.6855 (5-DMA), 0.6866 (20-DMA)
Recommendation: Good to go short on rallies around 0.6810/20, SL: 0.6870, TP: 0.6725/ 0.67.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -70.6601 (Neutral), while Hourly CHF Spot Index was at 15.3667 (Neutral) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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