#USDCHF @ 0.98337 extends its weekly gains to 1.98% after the Fed and SNB monetary policy decisions. (Pivot Orderbook analysis)

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• USD/CHF extends its weekly gains to 1.98% after the Fed and SNB monetary policy decisions.
• The major break above the 0.9600-0.9700 range, registering a fresh weekly high at 0.9851.
• The USD/CHF path of least resistance is upwards; once it clears 0.9851, a re-test of 0.9900 is on the cards.

The pair currently trades last at 0.98337.

The previous day high was 0.9851 while the previous day low was 0.9622. The daily 38.2% Fib levels comes at 0.9763, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9709, expected to provide support.

The USD/CHF advanced during Friday’s North American session, gaining 0.60%, courtesy of a risk-off impulse spurred by fears of a global economic slowdown and the Fed’s aggression as the US central bank struggles to temper inflation from around 40-year highs. At the time of writing, the USD/CHF is trading at 0.9836.

The central bank frenzy witnessed the Fed and the Swiss National Bank (SNB) hiking rates. Even though the SNB finished the period of negative rates, it wasn’t enough, according to market participants, which bought the USD/CHF, lifting the pair towards fresh weekly highs around 0.9851. Nevertheless, USD/CHF buyers have been unable to crack last week’s high at 0.9869, which could open the door for further gains.

Short term, the USD/CHF 4-hour chart, shifted from neutral to neutral-upward biased once the pair rallied above 0.9800, after trading sideways, in the 0.9600-0.9700 area throughout the week. Albeit the Relative Strength Index (RSI) got into overbought conditions, the USD/CHF upward bias remains intact.

Therefore, the USD/CHF first resistance is the weekly high at 0.9851. Break above will expose the R1 daily pivot at 0.9870, followed by the psychological 0.9900 mark.

On the other hand, the USD/CHF first support will be the daily pivot point at 0.9766. A breach of the latter will send the pair sliding to the 20-EMA at 0.9719, ahead of the 0.9700 figure.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9824 at the time of writing. Pair opened at 0.977 and is trading with a change of 0.55 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9698, 50 SMA 0.9631, 100 SMA @ 0.9687 and 200 SMA @ 0.9494.

The previous day high was 0.9851 while the previous day low was 0.9622. The daily 38.2% Fib levels comes at 0.9763, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9709, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9644, 0.9519, 0.9416
• Pivot resistance is noted at 0.9873, 0.9976, 1.0102

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