- NZD/CHF bounces off strong trendline support at 0.6880, has broken above 5-DMA.
- The pair is extending upside for 2nd consecutive session, up 0.40% on the day.
- Technical indicators have turned bullish, RSI biased north and Stochs are showing rollover from oversold levels.
- 50-DMA at 0.6982 is major resistance on the upside, break above could see extension of upside.
- Breakout above 50-DMA finds next major resistance at 0.7028, ahead of 61.8% Fib at 0.7092.
- On the flipside, we see weakness on break below major trendline support at 0.6880. Scope then for test of 0.6850 and then 0.6766 levels.
Support levels - 0.6949 (38.2% Fib retrace of 0.7324 to 0.6718 fall), 0.6923 (5-DMA), 0.6880 (trendline), 0.6861 (23.6% Fib)
Resistance levels - 0.6982 (50-DMA), 0.6990 (20-DMA), 0.7027 (200-DMA)
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 122.875 (Bullish), while Hourly CHF Spot Index was at -19.7931 (Neutral) at 1045 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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