#USDCHF @ 0.99790 remains mildly offered inside immediate symmetrical triangle., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• USD/CHF remains mildly offered inside immediate symmetrical triangle.
• Bearish divergence on RSI teases sellers but clear break of triangle appears necessary.
• Tops marked in June, May add to the upside filters.

The pair currently trades last at 0.99790.

The previous day high was 1.0004 while the previous day low was 0.9931. The daily 38.2% Fib levels comes at 0.9976, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9959, expected to provide support.

USD/CHF prints mild losses around 0.9975-80 as bears flex muscles inside a three-day-old triangle formation ahead of Thursday’s European session.

That said, the lower high of prices join the lower tops on RSI (14) to portray the hidden bearish divergence, which in turn lures sellers. However, a clear downside break of the stated triangle’s support line, near 0.9970 by the press time, appears necessary for the USD/CHF bears to retake control.

Following that, 200-HMA and an upward-sloping support line from September 30, respectively near 0.9910 and 0.9880, will gain the trader’s attention.

It’s worth noting that the USD/CHF pair’s weakness past 0.9880 won’t hesitate to challenge the monthly low surrounding 0.9785.

Meanwhile, the pair’s successful trading beyond the 1.0000 parity level, also comprising the stated triangle’s resistance line, could propel the quote toward the monthly high near 1.0020.

Even so, tops marked in June and May, around 1.0050 and 1.0065 could challenge the USD/CHF bulls before directing them to the April 2019 peak of around 1.0240.

Trend: Further downside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9976 at the time of writing. Pair opened at 0.9986 and is trading with a change of -0.10% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.982, 50 SMA 0.9702, 100 SMA @ 0.9691 and 200 SMA @ 0.9543.

The previous day high was 1.0004 while the previous day low was 0.9931. The daily 38.2% Fib levels comes at 0.9976, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9959, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9944, 0.9901, 0.987
• Pivot resistance is noted at 1.0017, 1.0047, 1.009

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