NZD/CHF is consolidating bounce off major trendline support, holds break above 20-DMA at 0.6898.
Kiwi is extending stellar quarterly NZ employment report led gains, while a big beat on the Chinese services PMI data for October also lends support to the antipodeans.
Technical studies support upside in the pair. RSI and Stochs are biased higher.
MACD is showing a bullish crossover on signal line and bullish divergence on RSI keeps scope for upside.
Price action currently struggling to break 50-DMA resistance at 0.6938. Break there finds next bull target at 0.7004 (200-DMA).
On the flipside, we see weakness in the pair closes below 20-DMA support at 0.6898.
Support levels - 0.6898 (20-DMA), 0.6882 (5-DMA), 0.6790 (trendline)
Resistance levels - 0.6938 (50-DMA), 0.70 (converged 100 & 200-DMA), 0.7020 (trendline)
Good to go long on break above 0.6938, SL: 0.6890, TP: 0.70/ 0.7020
Kiwi is extending stellar quarterly NZ employment report led gains, while a big beat on the Chinese services PMI data for October also lends support to the antipodeans.
Technical studies support upside in the pair. RSI and Stochs are biased higher.
MACD is showing a bullish crossover on signal line and bullish divergence on RSI keeps scope for upside.
Price action currently struggling to break 50-DMA resistance at 0.6938. Break there finds next bull target at 0.7004 (200-DMA).
On the flipside, we see weakness in the pair closes below 20-DMA support at 0.6898.
Support levels - 0.6898 (20-DMA), 0.6882 (5-DMA), 0.6790 (trendline)
Resistance levels - 0.6938 (50-DMA), 0.70 (converged 100 & 200-DMA), 0.7020 (trendline)
Good to go long on break above 0.6938, SL: 0.6890, TP: 0.70/ 0.7020