#USDCHF @ 0.91504 remains depressed at one-week low during three-day losing streak., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• USD/CHF remains depressed at one-week low during three-day losing streak.
• U-turn from 100-DMA, sustained observance of fortnight-old resistance line favor bears.
• Downbeat oscillators add strength to the south-run targeting seven-week-old support line.
• 50-DMA joins short-term resistance line to highlight 0.9255 as the key upside hurdle.

The pair currently trades last at 0.91504.

The previous day high was 0.9246 while the previous day low was 0.9147. The daily 38.2% Fib levels comes at 0.9185, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9208, expected to provide resistance.

USD/CHF portrays a three-day downtrend at the lowest level in a week, down 0.25% intraday around 0.9155 heading into Thursday’s European session, as the pair sellers brace for the Swiss National bank (SNB) Interest Rate Decision.

Also read: USD/CHF keeps Fed inflicted losses below 0.9200 ahead of SNB Interest Rate Decision

In doing so, the Swiss Franc (CHF) pair sellers cheer the quote’s sustained trading below the fortnight-old descending resistance line, as well as a U-turn from the 100-DMA. It’s worth noting that the bearish MACD signals and the downbeat RSI (14), not oversold, also exert downside pressure on the USD/CHF prices.

Hence, the pair is well-set to decline towards a seven-week-old ascending support line, near 0.9080 by the press time.

However, the RSI conditions appear closer to the oversold territory and hence the USD/CHF pair’s weakness past 0.9080 becomes elusive.

Should the quote drops below 0.9080, the 0.9000 psychological magnet and the 61.8% Fibonacci Expansion (FE) of the pair’s moves between November 10, 2022, and March 03, 2023, around 0.8915, will gain the market’s attention.

Alternatively, a convergence of the 50-DMA and a two-week-old resistance line, near 0.9255 at the latest, restrict short-term USD/CHF upside ahead of the 100-DMA resistance surrounding 0.9335.

In a case where the Swiss pair buyers keep the reins past 0.9335, the monthly high of near 0.9440 could act as the last defense of the pair bears.

Trend: Further downside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9154 at the time of writing. Pair opened at 0.9174 and is trading with a change of -0.22% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9312, 50 SMA 0.9257, 100 SMA @ 0.9343 and 200 SMA @ 0.9536.

The previous day high was 0.9246 while the previous day low was 0.9147. The daily 38.2% Fib levels comes at 0.9185, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9208, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9132, 0.909, 0.9034
• Pivot resistance is noted at 0.9231, 0.9288, 0.9329

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