#USDCHF @ 0.97835 retraces from weekly highs and dives below the 0.9800 figure due to a risk-on impulse. (Pivot Orderbook analysis)

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• USD/CHF retraces from weekly highs and dives below the 0.9800 figure due to a risk-on impulse.
• A triple-top chart pattern in the 4-hour chart keeps the USD/CHF under some selling pressure, targeting a fall to 0.9660.

The pair currently trades last at 0.97835.

The previous day high was 0.9862 while the previous day low was 0.9766. The daily 38.2% Fib levels comes at 0.9825, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9803, expected to provide resistance.

USD/CHF slides from weekly highs reached at around 0.9869 on Wednesday, despite risk appetite improving, which usually benefits riskier assets during the day. The USD/CHF is trading at 0.9783, below its opening price, by 0.51%.

The USD/CHF is pulling back after reaching a solid weekly high at around 0.9869, set during the overlap of the Asian/European session, courtesy of market sentiment shifting sour. Nevertheless, as the North American session progressed, investors’ mood improved, as seen by US equities trading in the green.

In the USD/CHF case, the Swiss Franc strength dragged prices lower, so far clearing on its way south the 0.9800 figure.

Short term, the USD/CHF four-hour chart, illustrates a formation of a triple-top chart pattern, and so far, the major is retreating from weekly high levels, approaching the “neckline” around the 0.9766 area. A decisive breach of the latter could send the major tumbling towards the triple-top measured target at 0.9660, but first, it will need to overcome some hurdles on its way south.

The USD/CHF first support would be the bottom-trend line of an ascending channel drawn since August 11, around 0.9720, followed by the 0.9700 figure, followed by the 100-EMA at 0.9680.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9783 at the time of writing. Pair opened at 0.984 and is trading with a change of -0.46 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.963, 50 SMA 0.9644, 100 SMA @ 0.9689 and 200 SMA @ 0.9468.

The previous day high was 0.9862 while the previous day low was 0.9766. The daily 38.2% Fib levels comes at 0.9825, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9803, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9784, 0.9727, 0.9687
• Pivot resistance is noted at 0.988, 0.9919, 0.9976

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