#USDCHF @ 0.92200 will likely remain pressured following Powell’s “neutral” speech. (Pivot Orderbook analysis)

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• USD/CHF will likely remain pressured following Powell’s “neutral” speech.
• USD/CHF Price Analysis: Downward biased, but it could print a leg-up once it clears the 50-day EMA.

The pair currently trades last at 0.92200.

The previous day high was 0.9291 while the previous day low was 0.9227. The daily 38.2% Fib levels comes at 0.9267, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9252, expected to provide resistance.

USD/CHF slid from weekly highs and reached around 0.9290 after the US Federal Reserve (Fed) Chair Powell’s speech failed to push back against a perceived dovish rate hike, even though he acknowledged a strong US jobs report. At the time of writing, the USD/CHF exchanges hands at 0.9219, below its opening price.

The USD/CHF is resting at around the 20-day Exponential Moving Average (EMA) at 0.9217 as Wall Street’s session wanes. Failure to crack the latter would keep USD/CHF bulls hopeful for higher prices, but they will need to challenge the 50-day EMA at 0.9303 if they want to shift the bias to neutral upwards. In that outcome, the USD/CHF could aim higher and face the next supply zone at a downslope trendline drawn from December’s highs, which passes in the 0.9320-35 area. Once cleared, the 100-day EMA would be up for grabs at 0.9420.

For a resumption of the downtrend, the USD/CHF needs a break below the 20-day EMA and February 7 low of 0.9191. A breach of the latter will poise the USD/CHF pair towards the February 3 daily low of 0.9112, ahead of the 0.9100 figure.

Momentum indicators are beginning to show bearish signals, with the Relative Strength Index (RSI) crossing below the 50-mid line. The Rate of Change (RoC) portrays buying pressure is fading, strengthening the bearish outlook in the near term.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9222 at the time of writing. Pair opened at 0.9281 and is trading with a change of -0.64 % .

The pair is trading above its 20 Daily moving average @ 0.9215, below its 50 Daily moving average @ 0.9284 , below its 100 Daily moving average @ 0.9544 and below its 200 Daily moving average @ 0.9617

The previous day high was 0.9291 while the previous day low was 0.9227. The daily 38.2% Fib levels comes at 0.9267, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9252, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9242, 0.9203, 0.9178
• Pivot resistance is noted at 0.9305, 0.933, 0.9369

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