FxWirePro: NZD/CHF breaks major support at 0.6890, good to go short on rallies

• NZD/CHF upside falters at 200-DMA resistance at 0.7025, intraday bias bearish.
   
• The pair is extending decline after multiple rejections at 200-DMA.
   
• Price action has slipped below daily cloud and has broken major trendline support at 0.6890.
   
• The pair has been trading in a symmetric triangle pattern and breach at triangle base raises scope for further downside.
   
• The pair is currently struggling at 78.6% Fib, break below finds next major support at 88.6% Fib at 0.6783.

Support levels - 0.6840 (78.6% Fib retrace of 0.67182 to 0.72909 rally), 0.68, 0.6783 (88.6% Fib), 0.6718 (2017 low)

Resistance levels - 0.6895 (trendline), 0.6924 (5-DMA), 0.6952 (20-DMA)

Recommendation: Good to go short on rallies around 0.6890/0.69, SL: 0.6955, TP: 0.6840/ 0.68/ 0.6785/ 0.6720.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -15.5708 (Neutral), while Hourly CHF Spot Index was at -78.6318 (Bearish) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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