#USDCHF @ 0.99294 The break below the bottom-trendline exerts downward pressure on the pair. (Pivot Orderbook analysis)

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• The USD/CHF break below the bottom-trendline exerts downward pressure on the pair.
• USD/CHF Key support levels lie at 20, 50, and 100-DMAs, around 0.9899, 0.9741, and 0.9705, respectively.
• USD/CHF Price Forecast: The rising wedge targets a drop to the 200-DMA at around 0.9550s.

The pair currently trades last at 0.99294.

The previous day high was 1.0057 while the previous day low was 0.9944. The daily 38.2% Fib levels comes at 0.9987, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0014, expected to provide resistance.

As the Asian Pacific session began, the USD/CHF tumbled below the bottom-trendline of a rising wedge on the daily chart, which could pave the way for further losses. Therefore, the USD/CHF is trading at 0.9933, slightly up by 0.05%, at the time of typing.

Given the backdrop, the USD/CHF could be heading downwards. Additionally, the distance between the base of the top/bottom rising wedge trendlines also gives the profit target, so a fall toward the 200-day EMA at 0.9557 is on the cards.

But first, the USD/CHF needs to trip down below the 20-day EMA at 0.9899, which, once cleared, could exacerbate a fall towards an area where the 50 and 100-day EMAs lie, around 0.9741-0.9705, respectively. A breach of the latter will expose the 0.9600 figure, immediately followed by a fall toward the 200-day EMA at around 0.9557.

On the other hand, the USD/CHF first resistance would be the parity, which, once broken, would send the USD/CHF climbing to re-test the YTD high at 1.0074, ahead of 1.0121, the May 20 high of 2019.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9933 at the time of writing. Pair opened at 0.9963 and is trading with a change of -0.3 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9875, 50 SMA 0.9728, 100 SMA @ 0.9704 and 200 SMA @ 0.9555.

The previous day high was 1.0057 while the previous day low was 0.9944. The daily 38.2% Fib levels comes at 0.9987, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0014, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9919, 0.9875, 0.9806
• Pivot resistance is noted at 1.0032, 1.0101, 1.0145

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