#USDCHF @ 098003 renews 15-month high inside three-week-old bullish channel, @nehcap view: Limited upside expected, Pivot Orderbook analysis

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• USD/CHF renews 1.5-month high inside three-week-old bullish channel.
• Overbought RSI, 61.8% Fibonacci retracement level challenges immediate upside.
• Channel’s top, July’s peak add to the upside filters.
• 100-DMA could probe bears before the bullish channel’s support line.

The pair currently trades last at 0.98003.

The previous day high was 0.9808 while the previous day low was 0.9727. The daily 38.2% Fib levels comes at 0.9777, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9758, expected to provide support.

USD/CHF takes the bids to refresh the six-week high near 0.9805 during Thursday’s Asian session. In doing so, the Swiss currency (CHF) pair attacks the 61.8% Fibonacci retracement level of the May-August downside during the five-day uptrend.

It’s worth noting, however, that the overbought RSI (14) challenge the quote’s further upside near the 0.9800 threshold.

Even if the quote stays beyond 0.9800, the upper line of the three-week-long bullish channel, near 0.9820, could challenge the USD/CHF buyers.

If at all the prices ignore RSI and cross the hurdle near 0.9820, July’s peak of 0.9885 will act as the last defense of the bears.

On the contrary, pullback moves may initially test the 50% Fibonacci retracement level of 0.9715 before highlighting the 100-DMA support near 0.9680-75.

Should the USD/CHF sellers manage to conquer the 0.9680 support, the aforementioned channel’s support line, at 0.9650 by the press time, will be crucial before giving them control.

To sum up, USD/CHF remains on the bull’s radar but the upside room appears limited.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9806 at the time of writing. Pair opened at 0.9778 and is trading with a change of 0.29% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9581, 50 SMA 0.9625, 100 SMA @ 0.9675 and 200 SMA @ 0.9456.

The previous day high was 0.9808 while the previous day low was 0.9727. The daily 38.2% Fib levels comes at 0.9777, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9758, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9734, 0.969, 0.9653
• Pivot resistance is noted at 0.9815, 0.9852, 0.9896

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