#USDCHF @ 0.98648 prepares to finish the week with decent gains of 0.65%. (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 prepares to finish the week with decent gains of 0.65%.
• The weekly chart depicts the pair as neutral-to-upward biased, further extending the uptrend but unable to crack 0.9900.
• The USD/CHF daily chart portrays the major as upward biased, and once it clears the 0.9886 mares, the 0.9900 figure would be next.

The pair currently trades last at 0.98648.

The previous day high was 0.9856 while the previous day low was 0.9753. The daily 38.2% Fib levels comes at 0.9792, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9817, expected to provide support.

The USD/CHF finished the week with substantial gains on Friday, up by 1.20% in the day, due to Federal Reserve officials crossing newswires, reiterating that the Fed would not pivot in the near term and will keep rates elevated to temper inflation. At the time of writing, the USD/CHF is trading at 0.9870.

The USD/CHF weekly chart shows the majors closing just below the July 11 week high of 0.9886, keeping the neutral-to-upward bias unchanged. Traders should be aware that, albeit closing below the aforementioned July 11 high, the USD/CHF extended the successive series of higher highs/lows, opening the door for further gains. If the USD/CHF clears 0.9886, the 0.9900 figure is the next supply zone, followed by the parity.

When reviewing the USD/CHF daily chart, the bias is also upward biased, and price action escalating above the “neckline” of an inverted head-and-shoulders chart pattern could pave the way for further gains. Oscillators are in positive territory, with the RSi at 60.79 about to cross above its 7-day RSI SMA, which would mean that buyers are gathering momentum, opening the door for further gains.

Therefore, the USD/CHF first resistance would be the 0.9900 figure. Break above will expose the September 28 high at 0.9965, followed by parity, and then the YTD high at 1.0064.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.987 at the time of writing. Pair opened at 0.9756 and is trading with a change of 1.17 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9723, 50 SMA 0.9642, 100 SMA @ 0.9681 and 200 SMA @ 0.9509.

The previous day high was 0.9856 while the previous day low was 0.9753. The daily 38.2% Fib levels comes at 0.9792, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9817, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.972, 0.9685, 0.9617
• Pivot resistance is noted at 0.9824, 0.9892, 0.9927

[/s2If]
Join Our Telegram Group