#USDCHF @ 097533 extends its rally to four straight days, refreshed seven-week highs, Pivot Orderbook analysis

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• USD/CHF extends its rally to four straight days, refreshed seven-week highs.
• Solid resistance lies around the confluence of a top-trendline of an ascending channel and a psychological price level of around 0.9800.

The pair currently trades last at 0.97533.

The previous day high was 0.9762 while the previous day low was 0.9666. The daily 38.2% Fib levels comes at 0.9725, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9703, expected to provide support.

The USD/CHF advances sharply after hitting a daily low at 0.9726. in the North American session, the USD/CHF is trading at 0.9758 after hitting a seven-week high at 0.9807.

During the day, the USD/CHF printed a seven-week high, above the 0.9800 figure, though it was short-lived. The major retreated toward current exchange rates. Nevertheless, oscillators, particularly the Relative Strength Index (RSI), signal buyers still have some fuel left in the tank to re-test the abovementioned level, which, once cleared, could pave the way towards July’s 14 swings high at 0.9886.

Otherwise, the USD/CHF might consolidate around the 0.9700-0.9800 range ahead of the release of Swiss CPI figures on Thursday, alongside Friday’s US Nonfarm Payrolls.

Short term, the USD/CHF 4-hour chart depicts the pair trending up in an ascending channel. The high of the day was the second test of the top-trendline of the channel, with sellers stepping in. dragging the major 50 pips lower. USD/CHF traders should note that the high of the day, was reached when the Relative Strength Index (RSI) peaked at overbought conditions. Therefore, once the RSI dipped, then a re-test of the 0.9800 figure is on the cards.

The USD/CHF first resistance would be the R1 pivot at 0.9777. Once cleared, the next supply zone would be the figure and top-trendline of the channel around 0.9800. On the flip side, the USD/CHF First support would be the daily pivot at 0.9722. A breach of the latter will send the major tumbling towards the 20-EMA at 0.9709, followed by the 0.9700 mark.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9755 at the time of writing. Pair opened at 0.9744 and is trading with a change of 0.11 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9572, 50 SMA 0.9622, 100 SMA @ 0.967 and 200 SMA @ 0.9454.

The previous day high was 0.9762 while the previous day low was 0.9666. The daily 38.2% Fib levels comes at 0.9725, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9703, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9686, 0.9628, 0.9589
• Pivot resistance is noted at 0.9782, 0.982, 0.9878

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