#USDCHF @ 0.95654 takes offers to refresh intraday low, snaps six-day uptrend., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• USD/CHF takes offers to refresh intraday low, snaps six-day uptrend.
• Rising wedge bearish chart pattern suggests 250-pips of downtrend on breaking 0.9550.
• Fortnight-old previous resistance line adds to the downside filters.
• Key SMAs challenge buyers before the double tops surrounding 1.0150.

The pair currently trades last at 0.95654.

The previous day high was 0.9598 while the previous day low was 0.9533. The daily 38.2% Fib levels comes at 0.9573, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9558, expected to provide support.

USD/CHF renews intraday low near 0.9570 as bears sneak in after a six-day absence during early Tuesday.

With the Swiss Franc (CHF) pair’s latest retreat, the quote portrays a bearish chart pattern, namely a rising wedge, on the four-hour play and teases the sellers to aim for the 250-pip downtrend in case the quote drops below 0.9550 support.

However, the resistance-turned-support line from November 3, around 0.9475 by the press time, acts as an extra downside filter. Also likely to challenge the USD/CHF bears is the monthly low near 0.9355.

It’s worth noting that, the RSI retreat favors the pair’s latest pullback but the bullish MACD signals challenge the USDCHF bears.

Meanwhile, an upside clearance of the stated one-week-old rising wedge’s resistance line, near 0.9615 at the latest, defies the bearish formation and can propel the pair toward the 100-SMA hurdle of 0.9745.

Even so, the USD/CHF recovery remains elusive unless the quote stays below the 200-SMA level of 0.9860.

Even if the quote crosses the key SMA hurdle, the double tops around 1.0150 will be a crucial challenge for the USD/CHF bulls.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.957 at the time of writing. Pair opened at 0.959 and is trading with a change of -0.21% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9771, 50 SMA 0.9822, 100 SMA @ 0.9736 and 200 SMA @ 0.9631.

The previous day high was 0.9598 while the previous day low was 0.9533. The daily 38.2% Fib levels comes at 0.9573, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9558, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9549, 0.9508, 0.9483
• Pivot resistance is noted at 0.9614, 0.9639, 0.968

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