FxWirePro: NZD/CHF Trade Idea

FxWirePro's Hourly Currency Strength Index bias for NZD/CHF at 1130 GMT: Bullish

FxWirePro's Hourly NZD Spot Index: 113.911 (Bias Bullish)

FxWirePro's Hourly CHF Spot Index: -113.277 (Bias Bearish)

Technical Analysis: Bias Bullish

- The pair has broken above 200-DMA at 0.6944 after breakout at major trendline resistance.

- We see price action has broken out of daily cloud which is now strong support at 0.6927.

- RSI strong above 60 levels and rising.

- ADX above 25 levels and rising, +ve DMI dominance seen.

- 200W SMA at 0.7015 is major resistance, break above will see further upside.

Support levels - 0.6944 (200-DMA), 0.6938 (5-DMA), 0.6927 (cloud top)

Resistance levels - 0.6998 (50% Fib retrace of 0.7290 to 0.6706 fall), 0.7015 (200W SMA), 0.7067 (61.8% Fib), 0.7117 (July 13 and Aug 15 high)

Recommendation: Good to go long on break above 0.7015, SL: 0.6940, TP: 0.7065/ 0.7115/ 0.7140.

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