- NZD/CHF capped at major resistance at 0.6931 (200-DMA), break above to see upside.
- Technical indicators are biased higher. RSI above 50 and biased higher.
- Stochs are showing bullish momentum and MACD is also above zero levels.
- We see a bullish +ve DMI crossover on -ve DMI which adds to the bullish bias.
- Break above 200-DMA will see test of 0.70 (converged trendline and 50% Fib). Further upside only on break above.
- On the flipside, 20-DMA at 0.6892 is strong support. Weakness only on break below.
Support levels - 0.6903 (5-DMA), 0.6892 (20-DMA), 0.6844 (23.6% Fib)
Resistance levels - 0.70 (converged trendline and 50% Fib), 0.7067 (Jan 23 high and 61.8% Fib), 0.7094 (Jan 12 high)
Recommendation: Good to go long on breakout above 200-DMA, SL: 0.6890, TP: 0.70/ 0.7060/ 0.7095
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 68.1476 (Bearish), while Hourly CHF Spot Index was at 42.837 (Neutral) at 0920 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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