#USDCHF @ 0.89569 dropped on mixed news about the United States economy, which weakened the US Dollar. (Pivot Orderbook analysis)

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• USD/CHF dropped on mixed news about the United States economy, which weakened the US Dollar.
• USD/CHF bears lurk as support levels threaten to crumble below 0.8950.
• Bulls remain hopeful as resistance levels are within striking distance, at around 0.9000.

The pair currently trades last at 0.89569.

The previous day high was 0.9098 while the previous day low was 0.9028. The daily 38.2% Fib levels comes at 0.9055, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9071, expected to provide resistance.

The USD/CHF tumbled to 22-fresh monthly lows at 0.8943 after fundamental news from the United States (US) weakened the US Dollar (USD), even though chances for another rate hike by the Fed remained high. As the Asian session begins, the USD/CHF Is trading at 0.8956, printing minuscule gains of 0.03%.

Following a break of a support trendline drawn from March 13 lows around 0.9070, the USD/CHF exacerbated its fall and broke to a new YTD low since the first day of April. Although the pair braced for the 0.9050 area, it posted two days of 60-plus pips back-to-back losses, dragging prices to levels last seen since June 2021.

If USD/CHF breaks below 0.8950, that would expose the 2023 YTD low at 0.8943. Once cleared, the USD/CHF could tumble toward the June 9 low at 0.8926, followed by the 0.8900 figure. On the other hand, if the USD/CHF reclaims the 0.9000 mark, upside risks lie at the April 12 high at 0.9035, followed by 0.9050, ahead of testing the 20-day EMA at 0.9106.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8962 at the time of writing. Pair opened at 0.9033 and is trading with a change of -0.79 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9162, 50 SMA 0.9231, 100 SMA @ 0.9267 and 200 SMA @ 0.9501.

The previous day high was 0.9098 while the previous day low was 0.9028. The daily 38.2% Fib levels comes at 0.9055, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9071, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9008, 0.8983, 0.8938
• Pivot resistance is noted at 0.9078, 0.9123, 0.9148

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