#USDCHF @ 0.96620 picks up bids inside short-term bearish chart formation., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• USD/CHF picks up bids inside short-term bearish chart formation.
• 200-HMA breakout favor buyers but RSI conditions, rising wedge’s upper line challenge further upside.
• Weekly horizontal support could test bears before giving them control.

The pair currently trades last at 0.96620.

The previous day high was 0.9661 while the previous day low was 0.9601. The daily 38.2% Fib levels comes at 0.9638, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9624, expected to provide support.

USD/CHF rises to a one-week high of around 0.9660 heading into Monday’s European session. In doing so, the Swiss currency (CHF) pair picks up bids inside a one-week-old rising wedge bearish formation.

That said, the 200-HMA breakout keeps the buyers hopeful unless the quote stays beyond 0.9645. However, the stated wedge’s upper line of 0.9665 could challenge the pair’s further upside.

Should USD/CHF bulls keep reins past 0.9665, the 0.9700 threshold and the 61.8% Fibonacci retracement of September 07-13 downside, near 0.9720, could lure the buyers.

It’s worth noting that the buyer’s dominance beyond 0.9720 will enable them to challenge the monthly top surrounding 0.9870.

On the flip side, the 200-HMA level near 0.9645 restricts immediate downside ahead of the stated wedge’s support line, close to 0.9620.

Also acting as a downside filter is the one-week-old horizontal support zone near 0.9560-45.

If at all the USD/CHF bears keep reins past 0.9545, the odds of retesting the 200-DMA level on the daily chart, around 0.9485 by the press time, will be a crucial support to watch.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9662 at the time of writing. Pair opened at 0.9648 and is trading with a change of 0.15% % .

The pair is trading below its 20 Daily moving average @ 0.9691, above its 50 Daily moving average @ 0.9642 , below its 100 Daily moving average @ 0.9691 and above its 200 Daily moving average @ 0.9485

The previous day high was 0.9661 while the previous day low was 0.9601. The daily 38.2% Fib levels comes at 0.9638, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9624, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9612, 0.9576, 0.9551
• Pivot resistance is noted at 0.9672, 0.9697, 0.9733

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