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NZD/CHF chart on Trading View used for analysis
- NZD/CHF is trading 0.50% lower on the day at 0.6695 at the time of writing.
- Price action has broken below 200-DMA support raising scope for further downside.
- The pair has paused downside at daily cloud top and break below will see resumption of weakness.
- Technical indicators support downside in the pair. Stochs and RSI are sharply lower.
- We see -ve DMI dominance and MACD also supports downside.
- However, Stochs are at oversold and we could see some consolidation at current levels.
- Break below daily cloud will see test of 61.8% Fib at 0.6552. Retrace above 200-DMA will negate bearish bias.
Support levels - 0.67 (38.2% Fib), 0.6684 (cloud top), 0.66, 0.6552 (61.8% Fib)
Resistance levels - 0.6739 (200-DMA), 0.6781 (21-EMA), 0.68
Recommendation: Stay short on break below daily cloud, SL: 0.6740, TP: 0.6626/ 0.66/ 0.6552
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
