#USDCHF @ 0.92360 is aiming to recover after a corrective move amid a risk-off market mood. (Pivot Orderbook analysis)

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• USD/CHF is aiming to recover after a corrective move amid a risk-off market mood.
• The asset managed to extend its recovery move above the 23.6% Fibo retracement at 0.9291.
• An absence of a potential trigger is barricading the RSI (14) in crossing the 60.00 hurdle.

The pair currently trades last at 0.92360.

The previous day high was 0.9253 while the previous day low was 0.9198. The daily 38.2% Fib levels comes at 0.9232, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9219, expected to provide support.

The USD/CHF pair has corrected after facing barricades around 0.9250 in the early Asian session. The Swiss Franc asset has dropped, however, the expectations of a recovery move look favored amid the weak risk appetite of the market participants. The asset is likely to display volatility ahead of the Swiss Consumer Price Index (CPI) (Jan) on Monday. On a monthly basis, the economic data is seen to expand by 0.3% vs. a deflation of 0.2%. The annual data is seen lower at 2.7% versus 2.8% released earlier.

The mega event of this week will be the United States inflation data, which will release on Tuesday. The US Dollar Index (DXY) is expected to remain in action as investors are expecting an acceleration in the inflation figures by 0.4% on a monthly basis. The return provided on the 10-year US Treasury yields has scaled above 3.74%, the highest in a one-month period.

USD/CHF has managed to extend its recovery move above the 23.6% Fibonacci retracement (placed from February low at 0.9051 to February 6 high at 0.9291 on a two-hour scale. The asset is now approaching the supply zone placed in a 0.9280-0.9290 range.

The 20-period Exponential Moving Average (EMA) at 0.9227 is acting as major support for the US Dollar bulls.

Meanwhile, the Relative Strength Index (RSI) (14) is struggling to extend into the bullish range of 60.00-80.00, which indicates an absence of a potential trigger for fresh impetus.

For a fresh upside, the Swiss Franc asset needs to deliver a confident break above the aforementioned supply zone, which will drive the asset towards January 12 high at 0.9363 followed by January 6 high at 0.9410.

In an alternate scenario, a breakdown below February 9 low at 0.9161 will drag the asset toward the round-level support at 0.9100. A slippage below the latter will drag the asset toward February low at 0.9051.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9239 at the time of writing. Pair opened at 0.9238 and is trading with a change of 0.01 % .

The pair is trading above its 20 Daily moving average @ 0.9206, below its 50 Daily moving average @ 0.9266 , below its 100 Daily moving average @ 0.9524 and below its 200 Daily moving average @ 0.9605

The previous day high was 0.9253 while the previous day low was 0.9198. The daily 38.2% Fib levels comes at 0.9232, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9219, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9207, 0.9175, 0.9152
• Pivot resistance is noted at 0.9261, 0.9285, 0.9316

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