#USDCHF @ 0.92060 grinds higher inside monthly triangle, struggling to extend two-day uptrend., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USD/CHF grinds higher inside monthly triangle, struggling to extend two-day uptrend.
• Sustained break of 10-DMA, bullish MACD signals keep buyers hopeful.
• USD/CHF buyers lurk around six-week-old descending support line.

The pair currently trades last at 0.92060.

The previous day high was 0.924 while the previous day low was 0.919. The daily 38.2% Fib levels comes at 0.9221, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9209, expected to provide resistance.

USD/CHF bulls take a breather around 0.9210 during Monday’s sluggish Asian session, following a two-day uptrend, as traders await this week’s bumper data/events. Also challenging the Swiss Franc (CHF) pair is the return of Chinese traders after a one-week-long Lunar New Year (LNY) holiday.

It’s worth noting that the quote marked the first daily closing beyond the 10-DMA since January 11 the previous day. That said, the upside break of the short-term key moving average joins the bullish MACD signals to suggest the USD/CHF pair’s further upside.

However, a symmetrical triangle formation connecting levels marked since January 06 restricts short-term USD/CHF moves between 0.9235 and 0.9170.

It should be observed that a downward-sloping support line from December 14, 2022, close to 0.9125 by the press time, acts as an extra filter towards the north.

In a case where the USD/CHF bears dominate past 0.9125, the 0.9100 round figure and the monthly low of 0.9085 could act as the last defense of the buyer.

On the flip side, a successful break of the 0.9235 hurdle could propel the USD/CHF buyers toward the monthly peak surrounding 0.9410. It’s worth observing that the August 2022 low near 0.9370 acts as an extra filter towards the north.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9209 at the time of writing. Pair opened at 0.9212 and is trading with a change of -0.03% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9245, 50 SMA 0.9318, 100 SMA @ 0.9569 and 200 SMA @ 0.9632.

The previous day high was 0.924 while the previous day low was 0.919. The daily 38.2% Fib levels comes at 0.9221, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9209, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9188, 0.9164, 0.9139
• Pivot resistance is noted at 0.9238, 0.9264, 0.9287

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