FxWirePro: NZD/CHF recovery rejected at 5-DMA, bias lower, stay short

• NZD/CHF recovery lacks traction, upside in the pair fails to hold above 5-DMA.
   
• Price has hit fresh 5-month lows at 0.6818, bias still bearish.
   
• The pair has shown a decisive break below major trendline support at 0.6890.
   
• Upside falters at 200-DMA resistance at 0.7025, we see multiple rejections at 200-DMA.
   
• Price action has slipped below daily cloud and we see bearish invalidation only on retrace above.
   
• The pair has broken below 78.6% Fib at 0.6840, finds next major support at 88.6% Fib at 0.6783.

Support levels - 0.68, 0.6783 (88.6% Fib), 0.6718 (2017 low)

Resistance levels - 0.6840 (78.6% Fib retrace of 0.67182 to 0.72909 rally), 0.6883 (5-DMA), 0.6890 (trendline)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-CHF-breaks-major-support-at-06890-good-to-go-short-on-rallies-964059) has hit TP1.

Recommendation: Bias lower, stay short.

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