#USDCHF @ 0.93742 bounces around the last week’s lows around 0.9310s. (Pivot Orderbook analysis)

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• USD/CHF bounces around the last week’s lows around 0.9310s.
• Near term, the USD/CHF formed a double bottom, which targets a rally towards 0.9430s.

The pair currently trades last at 0.93742.

The previous day high was 0.9382 while the previous day low was 0.9312. The daily 38.2% Fib levels comes at 0.9339, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9355, expected to provide support.

The USD/CHF bounces from last week’s lows around 0.9313 and rises toward 0.9350s, due to a slight jump in US Dollar (USD) demand, amidst an optimistic market sentiment. Elevated US Treasury yields and market-moving economic data from the US due Tuesday bolstered the USD. At the time of writing, the USD/CHF is trading at 0.9378, above its opening price.

With the USD/CHF climbing in the North American session after bottoming at the falling-wedge bottom trendline, the USD/CHF remains neutral to downward biased. Nevertheless, a clear break above last Friday’s high of 0.9381 could pave the way to challenge the 0.9400 figure. The Relative Strength Index (RSI0 at bearish territory suggests sellers remain in charge; whatsoever the Rate of Change (RoC) indicates, they are losing momentum.

Short term, the USD/CHF formed a double bottom in the one-hour chart, which would be confirmed by a decisive break above 0.9381. Once achieved, the USD/CHF following resistance would be 0.9400, followed by the December 8 daily high of 0.9426, ahead of 0.9455. On the flip side, the USD/CHF first support would be the 100-Exponential Moving Average (EMA) at 0.9368. A breach of the latter will expose the 50-EMA at 0.9353, followed by the 20-EMA at 0.9347.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9378 at the time of writing. Pair opened at 0.935 and is trading with a change of 0.19 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.945, 50 SMA 0.9737, 100 SMA @ 0.9692 and 200 SMA @ 0.9647.

The previous day high was 0.9382 while the previous day low was 0.9312. The daily 38.2% Fib levels comes at 0.9339, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9355, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9314, 0.9278, 0.9244
• Pivot resistance is noted at 0.9384, 0.9418, 0.9454

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