#USDCHF @ 0.99226 The reclaims 0.9900, as a double bottom chart pattern, targets 0.9974. (Pivot Orderbook analysis)

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• The USD/CHF reclaims 0.9900, as a double bottom chart pattern, targets 0.9974.
• Short term, the USD/CHF is neutral-to-downward biased, but it could reach the double bottom target before retracing towards the 20-EMA at 0.9899.

The pair currently trades last at 0.99226.

The previous day high was 0.9877 while the previous day low was 0.9738. The daily 38.2% Fib levels comes at 0.9824, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9791, expected to provide support.

The USD/CHF is slightly down as the Asian Pacific session begins, though in the week it is gaining some 0.49%, after hitting a weekly high in the mid-0.99-1.00 range, due to improvement in sentiment; however, it retraced some to the current spot prices. At the time of writing, the USD/CHF is trading at 0.9922, down 0.01%.

From a daily chart perspective, the USD/CHF remains upward biased, though it failed to break above the September monthly high of 0.9966. It should be noted that the major has printed a higher low, but to continue its uptrend, it would need to clear September’s high to open the door for a parity re-test.

Since September 28, the USD/CHF bottomed around the 0.9740 area, forming a double bottom chart pattern. During Monday’s session, the USD/CHF decisively cleared the September 29 daily high at 0.9855, validating the pattern, which targets a rally towards 0.9974.

Therefore, the USD/CHF first resistance would be the October 3 high at 0.9966. Once cleared, the next resistance would be the double bottom target, at 0.9974, followed by the parity.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9921 at the time of writing. Pair opened at 0.987 and is trading with a change of 0.52 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9726, 50 SMA 0.9647, 100 SMA @ 0.9679 and 200 SMA @ 0.9513.

The previous day high was 0.9877 while the previous day low was 0.9738. The daily 38.2% Fib levels comes at 0.9824, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9791, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.978, 0.969, 0.9641
• Pivot resistance is noted at 0.9919, 0.9967, 1.0058

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