#USDCHF @ 0.99486 picks up bids to direct bulls towards the weekly top, also the highest since mid-June., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• USD/CHF picks up bids to direct bulls towards the weekly top, also the highest since mid-June.
• Bullish channel, sustained break of monthly horizontal resistance area keeps buyers hopeful.
• Convergence of 100-SMA, a two-week-old resistance line challenges sellers.

The pair currently trades last at 0.99486.

The previous day high was 0.9947 while the previous day low was 0.9849. The daily 38.2% Fib levels comes at 0.9886, expected to provide support. Similarly, the daily 61.8% fib level is at 0.991, expected to provide support.

USD/CHF adds more than what’s lost the previous day as it rises towards the weekly top, the same as the 3.5-month high, heading into Wednesday’s European session. That said, the Swiss currency (CHF) pair gains 0.30% intraday around 0.9950 by the press time.

The pair’s latest upside moves could be linked to the sustained break of a horizontal area comprising multiple levels marked since early September, near 0.9860-70.

Also keeping the bulls hopeful is the one-week-long ascending trend channel, currently between 1.0035 and 0.9885.

It should be noted that the USD/CHF pair’s declines past 0.9860 won’t be a clear sign of the bear’s return as a confluence of the 100-SMA and ascending trend line from September 13, around 0.9710, appears a tough nut to crack for them.

Even if the quote breaks the 0.9710 support confluence, the 0.9700 threshold and an upward sloping trend line from early August, close to 0.9530, will act as the last defense of the bears.

Meanwhile, the USD/CHF pair’s latest upside eyes the recent tops surrounding 0.9965 before heading towards the stated channel’s upper line near 1.0035.

If at all the quote rises past 1.0035, the yearly high near 1.0065 will be in focus.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9954 at the time of writing. Pair opened at 0.9918 and is trading with a change of 0.36% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9727, 50 SMA 0.964, 100 SMA @ 0.9685 and 200 SMA @ 0.9503.

The previous day high was 0.9947 while the previous day low was 0.9849. The daily 38.2% Fib levels comes at 0.9886, expected to provide support. Similarly, the daily 61.8% fib level is at 0.991, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9862, 0.9807, 0.9764
• Pivot resistance is noted at 0.996, 1.0003, 1.0059

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