NZD/CHF chart on Trading View used for analysis
- NZD/CHF trades 0.59% higher on the day at 0.6713 at 0930 GMT.
- The pair is extending gains for the 3rd straight session, bias higher.
- Stochs and RSI are biased higher. MACD is showing a bullish crossover on signal line.
- Upside has paused at major resistance at 200-DMA (0.6720), break above to see upside continuation.
- Further we see a 'Golden Cross' formation (bullish 50-DMA crossover on 200-DMA) on the daily charts which raises scope for upside.
- Immediate resistance above 200-DMA lies at 50-DMA at 0.6748 ahead of 0.6822 (Dec 18 high).
- Rejection at 200-DMA and dip below 5-DMA to see further weakness.
Support levels - 0.6675 (38.2% Fib), 0.6642 (5-DMA), 0.6613 (23.6% Fib)
Resistance levels - 0.6720 (200-DMA), 0.6748 (50-DMA), 0.6776 (61.8% Fib)
Recommendation: Stay long on breakout at 200-DMA, SL: 0.6675, TP: 0.6750/ 0.6775/ 0.6820
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
