#USDCHF @ 0.94243 remains sidelined after posting the biggest daily gains in five weeks., @nehcap view: Further upside expected (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 remains sidelined after posting the biggest daily gains in five weeks.
• Clear upside break of 100-DMA joins momentum-positive oscillators to favor bulls.
• Monthly support line adds to the downside filters, 0.9440 holds the key to pair’s run-up towards 200-DMA.

The pair currently trades last at 0.94243.

The previous day high was 0.9425 while the previous day low was 0.9286. The daily 38.2% Fib levels comes at 0.9372, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9339, expected to provide support.

USD/CHF grinds with a choppy range between 0.9415 and 0.9425 during early Wednesday, after posting the heavy daily jump since early February. In doing so, the Swiss currency (CHF) pair seesaws around the weekly top in search of more clues to extend the previous day’s rally that crossed the key hurdle to the north.

The 100-DMA breakout appears the key bullish signal for the USD/CHF traders even if they flirt with the key moving average near 0.9415 as of late. That said, the firmer RSI (14), not overbought, joins the bullish MACD signals to back the upside bias.

However, the year 2023 peak marked in the last week around 0.9440 guards the USD/CHF pair’s immediate upside.

Following that, the 0.9500 threshold may test a run-up targeting the 200-DMA level surrounding 0.9565. Also acting as upside filters are the tops marked during late November 2022, around 0.9550 and the 0.9600 round figure.

On the contrary, a daily closing below the 100-DMA resistance-turned-support of 0.9415 will need validation from the 0.9400 round figure to convince the USD/CHF bears.

Even so, an upward-sloping support line from early February and the 50-DMA could challenge the pair sellers around 0.9295 and 0.9265 respectively.

Overall, USD/CHF remains on the bull’s radar but the 0.9440 hurdle should play its role as a trigger for the pair’s further upside.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9424 at the time of writing. Pair opened at 0.942 and is trading with a change of 0.04% % .

The pair is trading above its 20 Daily moving average @ 0.9304, above its 50 Daily moving average @ 0.9263 , above its 100 Daily moving average @ 0.9423 and below its 200 Daily moving average @ 0.9565

The previous day high was 0.9425 while the previous day low was 0.9286. The daily 38.2% Fib levels comes at 0.9372, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9339, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9329, 0.9238, 0.919
• Pivot resistance is noted at 0.9468, 0.9516, 0.9607

[/s2If]
Join Our Telegram Group