#USDCHF @ 0.91794 takes offers to renew intraday low, stretching pullback from weekly top., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• USD/CHF takes offers to renew intraday low, stretching pullback from weekly top.
• Clear downside break of short-term key trend line, SMA joins downbeat oscillators to favor bearish bias.
• Recovery remains elusive unless crossing five-week-old resistance line.

The pair currently trades last at 0.91794.

The previous day high was 0.926 while the previous day low was 0.9191. The daily 38.2% Fib levels comes at 0.9218, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9234, expected to provide resistance.

USD/CHF prints mild losses around 0.9180 heading into Tuesday’s European session, stretching the previous day’s downside break of the key support ahead of the all-important US inflation data.

Not only the downside break of the 100-SMA and a two-week-old ascending trend line but bearish MACD signals and downbeat RSI (14), not oversold, also favor the USD/CHF bears.

That said, a horizontal area comprising multiple levels marked since January 09, close to 0.9165-60, appears imminent support for the Swiss currency pair to test.

Following that, the 0.9100 round figure and the previous monthly low near 0.9085 could act as intermediate halts before directing the USD/CHF bears toward the monthly bottom surrounding 0.9060.

Meanwhile, recovery moves appear elusive unless crossing the convergence of the 100-SMA and the aforementioned support line, close to 0.9210.

Even if the USD/CHF manages to stay firmer past 0.9210, a downward-sloping resistance line from January 06, near 0.9260, could act as the last defense of the pair bears.

Overall, USD/CHF remains bearish as traders brace for the key US inflation data. However, the downside room appears limited.

Trend: Further downside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9178 at the time of writing. Pair opened at 0.9194 and is trading with a change of -0.17% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9203, 50 SMA 0.9262, 100 SMA @ 0.9517 and 200 SMA @ 0.9601.

The previous day high was 0.926 while the previous day low was 0.9191. The daily 38.2% Fib levels comes at 0.9218, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9234, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.917, 0.9146, 0.9102
• Pivot resistance is noted at 0.9239, 0.9284, 0.9307

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