#USDCHF @ 0.91735 takes offers to refresh intraday low and extend the previous day’s losses. (Pivot Orderbook analysis)

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• USD/CHF takes offers to refresh intraday low and extend the previous day’s losses.
• US Dollar bears approach the six-month low marked the last week amid dovish concerns over FOMC amid Fed blackout.
• Market sentiment remains dicey ahead of multiple US data, including Advance readings of Q4 GDP.

The pair currently trades last at 0.91735.

The previous day high was 0.928 while the previous day low was 0.9192. The daily 38.2% Fib levels comes at 0.9246, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9226, expected to provide resistance.

USD/CHF stands on slippery grounds as it drops to 0.9170 during Thursday’s Asian session. In doing so, the Swiss Franc (CHF) pair renews its intraday low to extend the previous day’s pullback from the weekly high.

The quote’s latest south-run seems to take the clues from the broad US Dollar weakness, as well as upbeat Swiss data. That said, the Swiss Zew Survey – Expectations improved to the highest levels since March 2022 while flagging -40.0 figure versus -47.6 expected and -42.8 prior.

On the other hand, the US Dollar Index (DXY) remained on the back foot while bracing for the third consecutive weekly loss around 101.65 as hopes of a dovish Federal Open Market Committee (FOMC) grew stronger. “Traders broadly expect the Fed to increase rates by 25 basis points (bps) next Wednesday, a step down from a 50 bps increase in December,” said Reuters.

It should be noted that dicey markets and a lack of major data/events, not to forget the Fed blackout period and Chinese holidays, also allowed the USD/CHF bears to keep the reins. While portraying the mood, as well as taking clues from the mixed earnings report, Wall Street closed mixed and the US Treasury bond yields remained sidelined near 3.45.

Moving on, a slew of US data will entertain the USD/CHF traders even if the Fed policymakers’ absence from the podium tests momentum. Among them, the first readings of the US fourth quarter (Q4) Gross Domestic Product (GDP), expected to print annualized growth of 2.6% versus 3.2% prior, will be crucial amid the recession talks. Additionally important will be the US Durable Goods Orders for December and the Q4 Personal Consumption Expenditure (PCE) data.

Also read: US Gross Domestic Product Preview: Three reasons to expect a US Dollar-boosting outcome

A clear downside break of one-week-old ascending trend line, now resistance near 0.9250, directs USD/CHF towards the yearly low marked in the last week around 0.9085.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9172 at the time of writing. Pair opened at 0.9228 and is trading with a change of -0.61% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9253, 50 SMA 0.9336, 100 SMA @ 0.9584 and 200 SMA @ 0.9637.

The previous day high was 0.928 while the previous day low was 0.9192. The daily 38.2% Fib levels comes at 0.9246, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9226, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9187, 0.9146, 0.91
• Pivot resistance is noted at 0.9274, 0.9321, 0.9362

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