#USDCHF @ 0.99150 The cuts some of its Tuesday’s losses, down 0.18% during the session. (Pivot Orderbook analysis)

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• The USD/CHF cuts some of its Tuesday’s losses, down 0.18% during the session.
• Once the USD/CHF broke above the 0.9900 figure, it paved the way for a parity re-test.
• An inverse head-and-shoulders in the USD/CHF daily targets 1.0370.

The pair currently trades last at 0.99150.

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.

The USD/CHF is trimming some of the day’s earlier losses, bouncing off daily lows around 0.9849 and climbing above the 0.9900 figure, for the second consecutive day, as sentiment shifts negative, with the S&P 500 hitting a new two-year low during the day. At the time of writing, the USD/CHF is trading at 0.9913, slightly down by 0.18%.

The USD/CHF daily chart portrays the major as upward biased, further cementing its bias once it clears the July 14 swing high at 0.9886. Earlier in the day, USD/CHF sellers tried to reclaim the latter, but buying pressure overcame sellers, and the USD/CHF edged above the 0.9900 threshold. It should also be noted that an inverse head-and-shoulders chart pattern is emerging, which could pave the way for further gains.

If the USD/CHF breaks above parity, that could put in play the YTD high at 1.0064. Once cleared, the next resistance level would be the 1.0100 figure, followed by the May 2019 swing high at 1.0226, ahead of the inverse head-and-shoulders target at 1.0369.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9912 at the time of writing. Pair opened at 0.9934 and is trading with a change of -0.22 % .

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.

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

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