#USDCHF @ 0.93680 Fundamental news in the United States debilitated the US Dollar and boosted the Swiss Franc. (Pivot Orderbook analysis)

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• Fundamental news in the United States debilitated the US Dollar and boosted the Swiss Franc.
• Oscillators like RSI and the Rate of Change suggests sellers are gathering momentum.
• USD/CHF Price Analysis: Break below 0.9300 will exacerbate a fall to 0.9200.

The pair currently trades last at 0.93680.

The previous day high was 0.9548 while the previous day low was 0.9432. The daily 38.2% Fib levels comes at 0.9476, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9503, expected to provide resistance.

The USD/CHF extended its losses for two-straight days, courtesy of a gloomy economic outlook in the United States (US), as manufacturing activity shrank while the US Federal Reserve (Fed) tightened monetary conditions. Therefore, the US Dollar (USD) weakened, contrarily to the Swiss Franc (CHF). At the time of writing, the USD/CHF is trading at 0.9366, beneath its opening price by 0.92%.

The USD/CHF is dropping sharply, as shown in the daily chart. The 170-pip fall spurred by the Federal Reserve, slowing the speed of rate hikes, exacerbated the fall from around 0.9530s. Even though the USD/CHF dived sharply, oscillators, like the 9-period Rate of Change (ROC) and the Relative Strength Index (RSI) showed that sellers are gathering momentum, cementing the case for a bearish bias.

Therefore, the USD/CHF first support would be the November 15 daily low at 0.9356. A breach of the latter will expose the 0.9300 figure, followed by the April 12 daily low at 0.9286, ahead of the March 31 swing low of 0.9194.

As an alternate scenario, the USD/CHF first resistance would be 0.9400. Break above will pave the way towards the 20-day Exponential Movin Average (EMA) at 0.9545, but on its way up, the major needs to surpass the psychological 0.9500.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9371 at the time of writing. Pair opened at 0.9464 and is trading with a change of -0.98 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9601, 50 SMA 0.9799, 100 SMA @ 0.9716 and 200 SMA @ 0.964.

The previous day high was 0.9548 while the previous day low was 0.9432. The daily 38.2% Fib levels comes at 0.9476, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9503, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9414, 0.9365, 0.9298
• Pivot resistance is noted at 0.953, 0.9597, 0.9646

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