#USDCHF @ 1.00082 US dollar’s decline from 1.0145 finds support at 0.9965. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• US dollar’s decline from 1.0145 finds support at 0.9965.
• The greenback consolidates in a calm market session.
• US macroeconomic figures are mixed on Monday.

The pair currently trades last at 1.00082.

The previous day high was 1.0148 while the previous day low was 0.9962. The daily 38.2% Fib levels comes at 1.0033, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0077, expected to provide resistance.

The US dollar has been trading sideways against the Swissie on Monday. The pair has remained moving roughly between 0.6965 and 1.0030, consolidating losses after Friday’s reversal from the 1.0145 high.

Investors seem to have entered the week in a vigilant mood, ahead of key monetary policy decisions later this week. The Bank of Canada and The European Central Bank are expected to approve hefty interest rate hikes, aiming to tame the soaring inflationary pressures.

In China, the confirmation of Xi Jinping’s unprecedented third term this weekend has contributed to dampening investor sentiment. Market concerns that Jinping’s zero-COVID policy might trigger a new set of lockdowns and hurt economic growth have put a lid on risk appetite.

On the macroeconomic front, the upbeat Chinese data has failed to improve the market mood. Chinese GDP expanded beyond expectations in the third quarter and the trade surplus increased due to a significant increase in exports.

In the US, however, data have been mixed. The Chicago Fed National Activity Index increased 0.1% against expectations of a 0.4% decline, while the S&P PMI showed that both, services and manufacturing sectors’ activity contracted beyond expectations in October.

Technical Levels: Supports and Resistances

USDCHF currently trading at 1.0007 at the time of writing. Pair opened at 0.9972 and is trading with a change of 0.35 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.993, 50 SMA 0.9772, 100 SMA @ 0.9719 and 200 SMA @ 0.9571.

The previous day high was 1.0148 while the previous day low was 0.9962. The daily 38.2% Fib levels comes at 1.0033, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0077, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9907, 0.9841, 0.9721
• Pivot resistance is noted at 1.0093, 1.0213, 1.0278

[/s2If]
Join Our Telegram Group