USDCHF tumbles after hitting a daily high of 0.9926 amidst US Dollar weakness. (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)]

• USDCHF tumbles after hitting a daily high of 0.9926 amidst US Dollar weakness.
• USDCHF Price Analysis: A daily close below the 50-DMA might exacerbate a fall toward 0.9700.

The pair currently trades last at 0.9842.

The previous day high was 0.9988 while the previous day low was 0.9875. The daily 38.2% Fib levels comes at 0.9918, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9945, expected to provide resistance.

The USDCHF tumbles for the second straight day and falls beneath the 50-day Exponential Moving Average (EMA) as the American Dollar gets battered across the board amidst a risk-on impulse underpinning risk-perceived assets. Furthermore, US Treasury yields sank, undermining the greenback. At the time of writing, the USDCHF is trading at 0.9860, below its opening price by 0.15%.

The USDCHF remains neutral-to-downward biased, even though the major dived since last Friday, when the USDCHF fell short of testing the YTD high at 1.0147, plunging almost 190 pips, after the release of US employment figures. However, the data was mixed, bolstered speculations that the US Federal Reserve will slow the pace of rate hikes.

Since then, the USDCHF extended its losses by more than 1.20%, and the 50-day EMA at 0.9852 is acting as support at the time of typing. So if USDCHF sellers achieve a daily close below the latter, that would expose the 100-day EMA at 0.9734, and the USDCHF will need to hurdle some key support levels.

Therefore, the USDCHF’s first support would be the 50-day EMA, followed by the psychological 0.9800 figure. Once cleared, the next support would be the October 6 daily low at 0.9708, followed by the 100-day EMA.

On the upside, the USDCHF first resistance would be 0.9900. Break above will expose the parity, followed by the 1.0100 figure.

Technical Levels: Supports and Resistances

EURUSD currently trading at 0.9842 at the time of writing. Pair opened at 0.9888 and is trading with a change of -0.47 % .

The pair is trading below its 20 Daily moving average @ 0.9983, below its 50 Daily moving average @ 0.9855 , above its 100 Daily moving average @ 0.9738 and above its 200 Daily moving average @ 0.9614

The previous day high was 0.9988 while the previous day low was 0.9875. The daily 38.2% Fib levels comes at 0.9918, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9945, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9846, 0.9805, 0.9734
• Pivot resistance is noted at 0.9959, 1.0029, 1.0071

[/s2If]
Join Our Telegram Group