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FxWirePro: NZD/CHF struggles at 200-DMA, stay long on break above

NZD/CHF chart on Trading View used for analysis

  • NZD/CHF trades 0.46% higher on the day at 0.6720 at 0945 GMT.
     
  • The pair has resumed upside after brief pause on Monday's trade, 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 (0.6718), 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 0.6750 ahead of 0.6822 (Dec 18 high).
     
  • Rejection at 200-DMA and dip below 5-DMA to see further weakness.

Support levels - 0.6683 (5-DMA), 0.6675 (38.2% Fib), 0.6613 (23.6% Fib)

Resistance levels - 0.6718 (200-DMA), 0.6750 (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
 

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2019-04-26 02:50:15
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