#USDCHF @ 0.98502 remains subdued for five consecutive trading days, eyeing a break of the 0.9861 weekly high. (Pivot Orderbook analysis)

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• USD/CHF remains subdued for five consecutive trading days, eyeing a break of the 0.9861 weekly high.
• A triple-top chart pattern in the USD/CHF hourly chart could pave the way towards 0.9660.

The pair currently trades last at 0.98502.

The previous day high was 0.9838 while the previous day low was 0.9795. The daily 38.2% Fib levels comes at 0.9812, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9822, expected to provide support.

The USD/CHF barely advances as the Asian session begins, up by 0.09%, consolidating in the 0.9765-0.9860 range for the fifth straight trading session. At the time of writing, the USD/CHF is trading at 0.9848, above its opening price, after hitting the respective weekly low and high, at 0.9765-0-9861, on Tuesday.

The USD/CHF is subdued, though exchanges hands below the weekly high. The Relative Strength Index (RSI), albeit near overbought conditions, suggests that buyers remain in control of the price action. A break above 0.9861 would exacerbate a move towards the July 14 daily high at 0.9886 before testing the 0.9900 psychological level. Once broken, the next stop would be parity.

Short term, the USD/CHF four-hour chart depicts a triple-top formation, meaning that further downside pressure is expected. To validate the pattern, the USD/CHF needs to break below the “neckline” at 0.9765, exacerbating a move towards the triple-top 100-pip target at 0.9660.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9848 at the time of writing. Pair opened at 0.9796 and is trading with a change of 0.49 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9615, 50 SMA 0.9639, 100 SMA @ 0.9686 and 200 SMA @ 0.9464.

The previous day high was 0.9838 while the previous day low was 0.9795. The daily 38.2% Fib levels comes at 0.9812, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9822, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9782, 0.9767, 0.9739
• Pivot resistance is noted at 0.9824, 0.9852, 0.9867

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