#USDCHF @ 0.92167 grinds higher after two-day uptrend crossed 11-week-old resistance line., @nehcap view: Further recovery expected (Pivot Orderbook analysis)

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• USD/CHF grinds higher after two-day uptrend crossed 11-week-old resistance line.
• Sluggish oscillators, multiple hurdles to the north challenge buyers.
• Sellers need validation from 0.9180 to retake control.

The pair currently trades last at 0.92167.

The previous day high was 0.9235 while the previous day low was 0.9142. The daily 38.2% Fib levels comes at 0.9199, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9177, expected to provide support.

USD/CHF makes rounds to 0.9220-25 as it struggles to extend the key resistance break during Tuesday’s sluggish Asian session. In doing so, the Swiss Franc (CHF) pair probes the previous two-day uptrend at the latest.

That said, the major currency pair crossed a downward-sloping resistance line from November 04 the previous day, now support around 0.9200. However, the sluggish MACD and RSI indicators show the buyers’ lack of conviction ahead of a slew of hurdles to the north.

Among them, a 12-day-old resistance line close to 0.9275 appears the immediate challenge for the USD/CHF buyers to tackle.

Following that, a descending trend line from November 21, surrounding 0.9350 at the latest, could probe the USD/CHF pair’s upside moves.

It’s worth noting that the quote’s successful trading above 0.9350 could enable the buyers to aim for the 200-DMA hurdle near 0.9640, which holds the key to the bull’s dominance.

On the flip side, pullback moves remain elusive unless the quote stays beyond the 0.9200 previous resistance.

Following that, a one-week-old ascending support line, close to 0.9180 by the press time, will be important for the USD/CHF bears to conquer to retake control.

In a case where the USD/CHF price remains weak past 0.9180, the odds of witnessing a fresh month low, currently around 0.9085, can’t be ruled out.

Trend: Further recovery expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9224 at the time of writing. Pair opened at 0.9203 and is trading with a change of 0.23% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9262, 50 SMA 0.9345, 100 SMA @ 0.9596 and 200 SMA @ 0.9639.

The previous day high was 0.9235 while the previous day low was 0.9142. The daily 38.2% Fib levels comes at 0.9199, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9177, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9151, 0.91, 0.9058
• Pivot resistance is noted at 0.9245, 0.9287, 0.9338

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