#USDCHF @ 0.93571 picks up bids to pare the biggest daily loss in a month., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• USD/CHF picks up bids to pare the biggest daily loss in a month.
• Bearish MACD signals, 50-SMA challenge recovery moves after snapping two-week uptrend.
• One-month-old ascending support line, 100-SMA lures sellers during fresh declines.

The pair currently trades last at 0.93571.

The previous day high was 0.9424 while the previous day low was 0.9359. The daily 38.2% Fib levels comes at 0.9384, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9399, expected to provide resistance.

USD/CHF struggles to defend the corrective bounce from 0.9360 as it jostles with the 50-SMA resistance during early Monday. In doing so, the Swiss currency pair portrays the cautious mood ahead of February’s Consumer Price Index (CPI) data from Switzerland, expected 2.9% YoY versus 3.3% previous readings.

Apart from the pre-data caution, the bearish MACD signals and a one-week-old horizontal resistance near 0.9430 also challenge the USD/CHF buyers.

Following that, the monthly high surrounding 0.9440 can act as a validation point for the rally targeting a late November 2022 swing high of near the 0.9600 threshold.

On the flip side, the 23.6% Fibonacci retracement of the pair’s February month upside, near 0.9350 restricts the immediate downside of the USD/CHF pair.

Even if the quote remains weak past 0.9350, an upward-sloping support line from early February and the 100-DMA, respectively near 0.9340 and 0.9300, may act as the last defense of the USD/CHF buyers.

Should the pair trade southwards past 0.9300, lows marked during February 2023, around 0.9135 and 0.9060, will be in focus.

Overall, USD/CHF is likely to remain on the bear’s radar unless the quote remains successfully above 0.9430.

Trend: Further downside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9369 at the time of writing. Pair opened at 0.9362 and is trading with a change of 0.07% % .

The pair is trading above its 20 Daily moving average @ 0.9292, above its 50 Daily moving average @ 0.9261 , below its 100 Daily moving average @ 0.9435 and below its 200 Daily moving average @ 0.9567

The previous day high was 0.9424 while the previous day low was 0.9359. The daily 38.2% Fib levels comes at 0.9384, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9399, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9339, 0.9317, 0.9274
• Pivot resistance is noted at 0.9404, 0.9447, 0.947

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