#USDCHF @ 0.96111 struggles to extend the previous day’s run-up, remains sidelined of late., @nehcap view: Pullback expected (Pivot Orderbook analysis)

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• USD/CHF struggles to extend the previous day’s run-up, remains sidelined of late.
• Bearish MACD signals, 50-DMA challenge buyers amid sluggish session.
• Multiple barriers to test sellers before directing them to yearly low.

The pair currently trades last at 0.96111.

The previous day high was 0.9634 while the previous day low was 0.948. The daily 38.2% Fib levels comes at 0.9575, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9538, expected to provide support.

USD/CHF bulls take a breather around 0.9610, after rising the most in three months the previous day. In doing so, the Swiss currency (CHF) pair fails to extend the bounce off the 200-DMA during Wednesday’s sluggish Asian session.

That said, the bearish MACD signals and the failure to cross the 38.2% Fibonacci retracement level of June-August declines, around 0.9630, appear to lure the intraday sellers of the USD/CHF pair. Also acting as an immediate hurdle is the 50-DMA level near 0.9650.

In a case where the USD/CHF price rises beyond 0.9650, the 50% and the 61.8% Fibonacci retracement levels, around 0.9715 and 0.9795 respectively, could test the bulls before directing them to the key horizontal resistance area established in June near 0.9870-85.

Meanwhile, pullback moves could initially aim for the 23.6% Fibonacci retracement level near 0.9530 ahead of revisiting the 200-DMA support close to 0.9480.

Following that, the 0.9400 threshold and the previous monthly low near 0.9370 could entertain the USD/CHF bears before directing them to the yearly bottom surrounding 0.9090.

Overall, USD/CHF bulls need validation from the 50-DMA to retake control.

Trend: Pullback expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.961 at the time of writing. Pair opened at 0.9616 and is trading with a change of -0.06% % .

The pair is trading below its 20 Daily moving average @ 0.968, below its 50 Daily moving average @ 0.9648 , below its 100 Daily moving average @ 0.9693 and above its 200 Daily moving average @ 0.9478

The previous day high was 0.9634 while the previous day low was 0.948. The daily 38.2% Fib levels comes at 0.9575, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9538, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9519, 0.9422, 0.9365
• Pivot resistance is noted at 0.9673, 0.973, 0.9827

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