#USDCHF @ 0.90437 is making efforts for a confident break above a five-week high at 0.9067. (Pivot Orderbook analysis)

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• USD/CHF is making efforts for a confident break above a five-week high at 0.9067.
• S&P500 dropped heavily on Wednesday as US default fears remain active due to a delay in agreement over the US borrowing cap.
• USD/CHF has entered into a markup phase after delivering a breakout of the Wyckoff Accumulation pattern.

The pair currently trades last at 0.90437.

The previous day high was 0.9029 while the previous day low was 0.8975. The daily 38.2% Fib levels comes at 0.9009, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8996, expected to provide support.

The USD/CHF pair has turned sideways after a mild correction from 0.9060 in the Asian session. The Swiss Franc asset refreshed its five-week high at 0.9067 and is now gathering strength for extending the rally further.

S&P500 futures have added significant gains in early Tokyo. US equities dropped heavily on Wednesday as US default fears remain active due to a delay in agreement over the US borrowing cap. The US Dollar Index (DXY) is looking to capture the crucial resistance of 104.00 despite chances of a pause in the policy-tightening spell by the Federal Reserve (Fed) are sky-rocketing.

USD/CHF has entered into a markup phase after delivering a breakout of the Wyckoff Accumulation pattern formed on a four-hour scale. The Swiss franc asset is expected to display wider bullish ticks and heavy volume as bulls remain solid in the markup phase. Upward-sloping 20-period Exponential Moving Average (EMA) at 0.9000 is providing support to the US Dollar bulls.

A confident break into the bullish range of 60.00-80.00 by the Relative Strength Index (RSI) has strengthened US Dollar bulls further.

Going forward, a decisive break above May 24 high at 0.9067 will drive the asset toward the round-level resistance of 0.9100 followed by March 28 low at 0.9137.

In an alternate scenario, a downside move below May 16 low at 0.8929 will drag the asset toward April 14 low at 0.8867. A slippage below April 14 low will further drag the asset toward the Spring formation around May 04 low at 0.8820.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9045 at the time of writing. Pair opened at 0.9013 and is trading with a change of 0.36 % .

The pair is trading above its 20 Daily moving average @ 0.8943, above its 50 Daily moving average @ 0.9029 , below its 100 Daily moving average @ 0.9144 and below its 200 Daily moving average @ 0.9398

The previous day high was 0.9029 while the previous day low was 0.8975. The daily 38.2% Fib levels comes at 0.9009, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8996, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8983, 0.8952, 0.8929
• Pivot resistance is noted at 0.9037, 0.906, 0.9091

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