7647134 7/13/2017 6:18 PM, NZD/CHF intraday: the RSI is overbought


Our pivot point is at 0.7059.


Our preference

: the upside prevails as long as 0.7059 is support.


Alternative scenario

: the downside breakout of 0.7059 would call for 0.7030 and 0.7014.


Comment

: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 0.7038 and 0.7015). Finally, the NZD/CHF has crossed above its upper Bollinger band (0.7096).


Supports and resistances

:

0.7194 **

0.7177 *

0.7160 **

0.7143

0.7108 last

0.7070

0.7059 **

0.7030 *

0.7014 **