#USDCHF @ 0.90422 picks up bids to refresh intraday high, extends bounce off three-week low., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• USD/CHF picks up bids to refresh intraday high, extends bounce off three-week low.
• Looming bull cross on MACD, clear recovery from 200-SMA suggest further advances.
• Previous support line, one-week-old falling trend line prod Swiss Franc pair buyers.

The pair currently trades last at 0.90422.

The previous day high was 0.9039 while the previous day low was 0.8984. The daily 38.2% Fib levels comes at 0.9018, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9005, expected to provide support.

USD/CHF remains on the front foot for the second consecutive day after bouncing off the key moving average in the last week, mildly bid near 0.9045 while refreshing the daily top on early Monday.

In doing so, the Swiss Franc (CHF) pair extends the previous rebound from the 200-SMA amid an impending bull cross on the MACD indicator.

Given the quote’s sustained bounce off the key moving average and upbeat MACD signals, the USD/CHF is likely to extend the latest rebound towards the previous support line stretched from early May, around 0.9080 by the press time.

However, a one-week-old ascending resistance line, near the 0.9100 round figure, challenges the pair buyers before giving them control.

In a case where the quote remains firmer past 0.9100, the odds of witnessing a rally toward the previous monthly high of around 0.9150 can’t be ruled out.

On the contrary, the 38.2% Fibonacci retracement level of the pair’s May-June upside, near 0.9020 at the latest, precedes the 0.9000 psychological magnet to restrict the short-term downside of the USD/CHF pair.

Following that, the 200-SMA and 50% Fibonacci retracement, respectively near 0.8990 and 0.8980, will be in the spotlight.

Should the USD/CHF bears dominate past 0.8980, their further ruling won’t hesitate to challenge the yearly low marked in May around 0.8820.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9042 at the time of writing. Pair opened at 0.9033 and is trading with a change of 0.10% % .

The pair is trading above its 20 Daily moving average @ 0.9036, above its 50 Daily moving average @ 0.8989 , below its 100 Daily moving average @ 0.912 and below its 200 Daily moving average @ 0.9358

The previous day high was 0.9039 while the previous day low was 0.8984. The daily 38.2% Fib levels comes at 0.9018, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9005, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8998, 0.8964, 0.8943
• Pivot resistance is noted at 0.9053, 0.9074, 0.9108

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