NZD/CHF slumps to 29-month lows, bias still bearish
Updated
NZD/CHF slumps to 29-month lows at 0.6454, trades with a major bearish bias.
Major trend is bearish, signs of minor pullback seen as mometum indicators approach oversold territory.
The pair is holding minor support at 0.6455 (falling trendline). 21-EMA is stif resistance. Break above could see extension of upside till 50-DMA.
Support levels - 0.6455 (trendline), 0.64, 0.6356 (61.8% Fib)
Resistance levels - 0.65, 0.6530 (5-DMA), 0.6587 (21-EMA)
Good to stay short on upticks. SL: 0.6590, TP: 0.64/ 0.6355
Major trend is bearish, signs of minor pullback seen as mometum indicators approach oversold territory.
The pair is holding minor support at 0.6455 (falling trendline). 21-EMA is stif resistance. Break above could see extension of upside till 50-DMA.
Support levels - 0.6455 (trendline), 0.64, 0.6356 (61.8% Fib)
Resistance levels - 0.65, 0.6530 (5-DMA), 0.6587 (21-EMA)
Good to stay short on upticks. SL: 0.6590, TP: 0.64/ 0.6355
Comment
Approaching TP1Comment
Approaching final target.Break below 61.8% Fib to see further weakness.
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