#USDCHF @ 0.95821 takes offers to refresh intraday low, reverses late Friday’s bounce off three-week bottom., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• USD/CHF takes offers to refresh intraday low, reverses late Friday’s bounce off three-week bottom.
• Failures to cross 200-SMA, 50% Fibonacci retracement join bearish MACD signals to favor sellers.
• 61.8% golden ratio could test bears amid oversold RSI.

The pair currently trades last at 0.95821.

The previous day high was 0.971 while the previous day low was 0.9547. The daily 38.2% Fib levels comes at 0.9609, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9648, expected to provide resistance.

USD/CHF prints a four-day downtrend as it reverses the previous day’s corrective pullback from a three-week low during Monday’s Asian session. In doing so, the Swiss currency (CHF) pair portrays the inability to cross the 200-SMA and 50% Fibonacci retracement of its August-September upside.

As the bearish MACD signals back the quote’s recent weakness, USD/CHF sellers could aim for the 61.8% Fibonacci retracement (Fibo.) level surrounding 0.9560. However, oversold RSI conditions seem to challenge the pair’s further downside.

In a case where the pair remains weak past 0.9560, the 0.9500 threshold and the 78.6% Fibo. around 0.9475 could offer intermediate halts during the south run targeting the previous monthly low of 0.9370.

On the contrary, recovery remains elusive until the quote rises past the aforementioned confluence including the 200-SMA and 50% Fibonacci retracement level near 0.9615-20.

Following that, a three-week-old horizontal resistance area between 0.9690 and 0.9710 will be a crucial hurdle for the USD/CHF pair buyers to tackle to retake control.

Should the pair successfully crosses the 0.9710 hurdle, the 0.9800 round figure and the monthly peak surrounding 0.9870 will be in focus.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9583 at the time of writing. Pair opened at 0.9603 and is trading with a change of -0.21% % .

The pair is trading below its 20 Daily moving average @ 0.9671, below its 50 Daily moving average @ 0.9651 , below its 100 Daily moving average @ 0.9694 and above its 200 Daily moving average @ 0.9475

The previous day high was 0.971 while the previous day low was 0.9547. The daily 38.2% Fib levels comes at 0.9609, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9648, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.953, 0.9458, 0.9368
• Pivot resistance is noted at 0.9693, 0.9782, 0.9855

[/s2If]
Join Our Telegram Group