#USDCHF @ 0.99159 takes offers to refresh intraday low, snaps four-day uptrend near three-month high., @nehcap view: Limited weakness expected (Pivot Orderbook analysis)
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- USD/CHF takes offers to refresh intraday low, snaps four-day uptrend near three-month high.
- Overbought RSI, short-term resistance line direct sellers towards previous resistance line from July.
- Bulls have a bumpy road to refresh the yearly high.
The pair currently trades last at 0.99159.
The previous day high was 0.9966 while the previous day low was 0.9794. The daily 38.2% Fib levels comes at 0.99, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9859, expected to provide support.
USD/CHF renews intraday low around 0.9910 as it prints the first daily loss in five during Tuesday’s Asian session.
In doing so, the Swiss currency (CHF) pair reverses from a downward sloping resistance line from May. Also adding strength to the corrective move could be the overbought RSI conditions.
With this, the quote is on the way to the resistance-turned-support line from July, around 0.9850. However, July’s peak of 0.9885 may probe the intraday sellers of the USD/CHF pair.
It should be noted, however, that the 61.8% Fibonacci retracement of the pair’s May-August downturn, near the 0.9800 threshold, could also test the bears before directing them toward the 100-DMA support level near 0.9685.
Alternatively, recovery moves need to cross the aforementioned resistance line, at 0.9950 by the press time, to recall the USD/CHF buyers.
Following that, the 1.0000 psychological magnet and multiple hurdles around 1.0050 can test the bulls before highlighting the yearly peak of 1.0065.
Overall, USD/CHF is likely to witness further downside but the bears are far from taking control.
Trend: Limited weakness expected
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.991 at the time of writing. Pair opened at 0.9934 and is trading with a change of -0.24% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.991 |
| 1 | Today Daily Change | -0.0024 |
| 2 | Today Daily Change % | -0.24% |
| 3 | Today daily open | 0.9934 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9718, 50 SMA 0.9635, 100 SMA @ 0.9686 and 200 SMA @ 0.95.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.9718 |
| 1 | Daily SMA50 | 0.9635 |
| 2 | Daily SMA100 | 0.9686 |
| 3 | Daily SMA200 | 0.9500 |
The previous day high was 0.9966 while the previous day low was 0.9794. The daily 38.2% Fib levels comes at 0.99, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9859, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.983, 0.9726, 0.9658
- Pivot resistance is noted at 1.0002, 1.007, 1.0174
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.9966 |
| Previous Daily Low | 0.9794 |
| Previous Weekly High | 0.9851 |
| Previous Weekly Low | 0.9620 |
| Previous Monthly High | 0.9808 |
| Previous Monthly Low | 0.9371 |
| Daily Fibonacci 38.2% | 0.9900 |
| Daily Fibonacci 61.8% | 0.9859 |
| Daily Pivot Point S1 | 0.9830 |
| Daily Pivot Point S2 | 0.9726 |
| Daily Pivot Point S3 | 0.9658 |
| Daily Pivot Point R1 | 1.0002 |
| Daily Pivot Point R2 | 1.0070 |
| Daily Pivot Point R3 | 1.0174 |
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