#USDCHF @ 0.89410 has sensed buying interest after a corrective move to near 0.8930. (Pivot Orderbook analysis)

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• USD/CHF has sensed buying interest after a corrective move to near 0.8930.
• House Speaker McCarthy said the debt limit can’t pass without dealing with the budget.
• S&P500 futures are showing minor losses after a super-bullish Thursday, indicating a caution amid overall upbeat market mood.

The pair currently trades last at 0.89410.

The previous day high was 0.8926 while the previous day low was 0.8852. The daily 38.2% Fib levels comes at 0.888, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8898, expected to provide support.

The USD/CHF pair has rebounded after a corrective move to near 0.8930 in the early Asian session. The Swiss Franc asset has sensed buying interest amid an absence of a clear path for an increase in the US debt-ceiling limit. House Speaker McCarthy said the debt limit can’t pass without dealing with the budget, as reported by Bloomberg.

The US Dollar Index (DXY) has taken a sigh of relief amid a delay in the increase of the debt ceiling limit as an occurrence that will impact the long-term rating of the United States economy and will impact the US Dollar and domestic equities.

S&P500 futures are showing minor losses after a super-bullish Thursday, indicating a caution amid an overall upbeat market mood.

The Swiss Franc will remain in action ahead of the speech from Swiss National Bank (SNB) Chairman Thomas J. Jordan. SNB Jordan is expected to provide cues about the likely monetary policy action ahead.

USD/CHF has recovered sharply after a Double Bottom chart formation on a four-hour scale near 0.8863. The Swiss Franc asset is aiming to conquer the downward-sloping trendline plotted from March 08 high at 0.9439.

The major has climbed above the 20-and 50-period Exponential Moving Averages (EMAs) at 0.8921 and 0.8935 respectively, indicating solid short-term upside bias.

Meanwhile, the Relative Strength Index (RSI) (14) has stepped above 60.00. Sustainability above the same will activate the bullish momentum.

Should the asset decisively breaks above the 23.6% Fibo retracement around 0.9000, US Dollar bulls will drive the asset towards April 07 low at 0.9034 followed by 38.6% Fibo retracement plotted at 0.9082.

Alternatively, a downside move below April 17 low at 0.8922 will drag the asset toward April 13 low at 0.8860. A slippage below the latter will expose the asset to the round-level support at 0.8800.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8942 at the time of writing. Pair opened at 0.8911 and is trading with a change of 0.35 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9001, 50 SMA 0.917, 100 SMA @ 0.9212 and 200 SMA @ 0.9455.

The previous day high was 0.8926 while the previous day low was 0.8852. The daily 38.2% Fib levels comes at 0.888, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8898, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8867, 0.8822, 0.8793
• Pivot resistance is noted at 0.894, 0.897, 0.9014

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