• FxWirePro: NZD/CHF extends weakness below 100-dma, bias lower, stay short

    Source: FxWire Pro - Technicals / 23 Mar 2018 04:04:03   Eastern Standard Time

    • NZD/CHF has edged higher from session lows at 0.6821, is trading largely muted on the day.
       
    • The pair is extending break below 100-DMA, targets trendline support at 0.6760.
       
    • Technical studies are bearish, the pair is slipping lower after price was rejected at 200-DMA in last week's trade.
       
    • RSI below 50 levels, Stochs show rollover from overbought levels.
       
    • MACD shows bearish crossover on signal line. Daily cloud also weighs on the upside.
       
    • Next major support is seen at 0.6760 (trendline), break below eyes 0.67 levels.
       
    • On the flipside, immediate resistance is seen at 0.6860 (nearly converged cloud and 5-DMA).
       
    • Decisive breakout above 100-DMA invalidates bearish bias.

    Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-CHF-Trade-Idea-1216530) has hit TP1.

    Recommendation: Bias lower, stay short for further downside.

    FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -22.818 (Neutral), while Hourly CHF Spot Index was at 91.7363 (Bullish) at 0740 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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