#USDCHF @ 0.92431 jumped from weekly lows after forming a hammer at around the 0.9200 area. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• USD/CHF jumped from weekly lows after forming a hammer at around the 0.9200 area.
• Near-term, the USD/CHF is upward biased and might test the 0.9300 figure.

The pair currently trades last at 0.92431.

The previous day high was 0.9228 while the previous day low was 0.916. The daily 38.2% Fib levels comes at 0.9203, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9186, expected to provide support.

The USD/CHF forged a base and climbed back to the 0.9200 area on Friday, following Thursday’s price action, which formed a hammer, that exacerbated the USD/CHF recovery, to current exchange rates. At the time of writing, the USD/CHF is trading at 0.9246, above its opening price by 0.35%.

Long-term, the USD/CHF remains neutral-to-downward biased, but it could print a leg-up and test the 50-day Exponential Moving Average (EMA) at 0.9294. The Relative Strength Index (RSI) entered bullish territory, suggesting that buying pressure is building, contrary to the Rate of Change (RoC), which is neutral.

Short term, the USD/CHF 4-hour chart is bottoming, though downside risks remain. At the time of typing, the USD/CHF is testing the 200-Exponential Moving Average (EMA) at 0.9247 after breaking away from the confluence of the 50/100/20-EMAs.

Oscillators like the Relative Strength Index (RSI) shifted bullish, while the Rate of Change (RoC) backed a bullish continuation, but key resistance areas need to be broken to further cement the USD/CHF upward bias.

Therefore, the USD/CHF first resistance would be the 200-EMA, followed by the 0.9300 figure. A decisive break could trigger a leg-up towards the January 12 high of 0.9360, ahead of the psychological 0.9400 figure.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9246 at the time of writing. Pair opened at 0.9227 and is trading with a change of 0.21 % .

The pair is trading above its 20 Daily moving average @ 0.9207, below its 50 Daily moving average @ 0.9269 , below its 100 Daily moving average @ 0.953 and below its 200 Daily moving average @ 0.9608

The previous day high was 0.9228 while the previous day low was 0.916. The daily 38.2% Fib levels comes at 0.9203, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9186, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9182, 0.9137, 0.9114
• Pivot resistance is noted at 0.925, 0.9273, 0.9318

[/s2If]
Join Our Telegram Group