#USDCHF @ 0.98612 The dollar fails at 0.9930 and returns to the 0.9855 support area. (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)]

• The dollar fails at 0.9930 and returns to the 0.9855 support area.
• Hopes of slowing down by the Fed are weighing on the USD.
• Downside risks have increased below 0.9925.

The pair currently trades last at 0.98612.

The previous day high was 1.0032 while the previous day low was 0.994. The daily 38.2% Fib levels comes at 0.9975, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9997, expected to provide resistance.

The US dollar resumed its downtrend against the Swiss franc on Wednesday. The mild recovery attempt witnessed during the European session has been capped at 0.9930, and the pair gave away gains, later on, to test the 0.9855 area at the moment of writing.

The greenback is depreciating across the board for the second consecutive day, with investors starting to price in a slowdown on the Federal Reserve’s tightening path. A recent batch of negative indicators in the US has boosted concerns about the impact of the Fed’s hawkish policy in economic growth.

The market is still awaiting a 75 basis points hike next week, although the expectations for December have been downgraded to a 0.50% hike. This is hurting the USD, which had been surging over the last months, propelled by the Fed’s radical tightening pace.

Below 0.9925, the consolidative pace of the last three weeks has been broken, adding negative pressure on the pair. Immediate support lies now at 0.9850 (200-day SMA) before 0.9785 (October 4, 6 lows) and 0.9740 (September 29 low)

On the upside, the pair should return above the mentioned 0.9925 and the 100-day SMA, at 0.965 to ease negative pressure before setting its focus at the 1.0000 psychological level.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9865 at the time of writing. Pair opened at 0.995 and is trading with a change of -0.85 % .

The pair is trading below its 20 Daily moving average @ 0.9936, above its 50 Daily moving average @ 0.9792 , above its 100 Daily moving average @ 0.9725 and above its 200 Daily moving average @ 0.958

The previous day high was 1.0032 while the previous day low was 0.994. The daily 38.2% Fib levels comes at 0.9975, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9997, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9916, 0.9882, 0.9824
• Pivot resistance is noted at 1.0008, 1.0066, 1.01

[/s2If]
Join Our Telegram Group