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NZD/CHF chart on Trading View used for analysis
- NZD/CHF struggles at 0.70 handle, breakout above could see further gains.
- Momentum studies are bullish. Stochs and RSI support gains.
- MACD is rising and suggests further upside. We see +ve DMI dominance and ADX rising in support of upside.
- Break above 0.70 handle finds next major resistance at 200-DMA at 0.6745. Violation at 200-DMA could propel the pair higher.
- Price action above major EMAs and volatility is rising. Break above 200-DMA eyes 61.8% Fib at 0.6812.
- On the flipside, 5-DMA at 0.6657 is immediate support. Retrace below cloud invalidates bullish bias.
Support levels - 0.6657 (5-DMA), 0.6622 (23.6% Fib), 0.6551 (cloud top)
Resistance levels - 0.6745 (200-DMA), 0.6812 (61.8% Fib)
Recommendation: Good to stay long on dips, SL: 0.6655, TP: 0.6745/ 0.68/ 0.6815
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
