FxWirePro: NZD/CHF Trade Idea

FxWirePro Currency Strength Index for NZD/CHF: Bias Bearish
FxWirePro's Hourly NZD Spot Index was at -143.386 (Neutral)
FxWirePro's Hourly CHF Spot Index was at 70.6726 (Neutral)

Technical Analysis: Bias Bearish
- Momentum studies bearish, RSI below 50 and biased south
- -ve DMI dominance and ADX rising in support
- Bearish 5-DMA crossover on 21-EMA
- MACD biased lower, supports downside.

Fundamental Factors:
The Kiwi is extending weakness ahead of the NZ government budget later this week.
The Reserve Bank of New Zealand (RBNZ) has turned dovish in the face of a lopsided New Zealand economy weighing on NZD.

Support levels - 0.6944 (200W SMA), 0.6922 (200-DMA), 0.6865 (61.8% Fib)

Resistance levels - 0.6978 (5-DMA), 0.6989 (21-EMA), 0.70

Recommendation: Stay short on break below 200W SMA, SL: 0.6990, TP: 0.6925/ 0.6865

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