#USDCHF @ 0.94418 A softer US Dollar is weighing on the , down by almost 1%. (Pivot Orderbook analysis)
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- A softer US Dollar is weighing on the USD/CHF, down by almost 1%.
- A bearish-engulfing candle pattern exacerbated a fall of 200 pips in the USD/CHF.
- Short term, the USD/CHF is downward biased and might test 0.9300.
The pair currently trades last at 0.94418.
The previous day high was 0.9596 while the previous day low was 0.9509. The daily 38.2% Fib levels comes at 0.9542, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9563, expected to provide resistance.
The USD/CHF dives sharply, extending its losses to two straight days, after reaching a new two-week high of 0..9600, nearby the 200-day Exponential Moving Average (EMA) at 0.9628. Failure to reclaim the former exacerbated a 200-pip fall. Therefore, the USD/CHF is trading at 0.9430, losing almost 1%.
The USD/CHF daily chart portrays the formation of a bearish-engulfing candle chart pattern formed with Monday and Tuesday’s USD/CHF price action. On Wednesday, the major continued its downward path, after printing a daily high of 0.9533, right at the 23.6 % Fibonacci retracement, defended by sellers, as shown by the USD/CHF plunging 100 pips. Even though the Relative Strength Index (RSI) followed suit, it turned flat in bearish territory, opening the door for consolidation.
In the short term, the USD/CHF collided with the 50-period Exponential Moving Average (EMA) around 0.9488, and a downslope trendline was drawn since the beginning of November. Hence, the US Dollar (USD) buyers unable to break above 0.9500 exposed the pair to selling pressure.
Therefore, the USD/CHF first support will be the 0.9400 figure, followed by the November 15 swing low at 0.9356. A decisive break will expose the 0.9300 figure. Upwards, the USD/CHF key resistance level lie at 0.9500, which, once cleared, could open the door towards 0.9600 and beyond.
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.9434 at the time of writing. Pair opened at 0.9518 and is trading with a change of -0.88 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.9434 |
| 1 | Today Daily Change | -0.0084 |
| 2 | Today Daily Change % | -0.8800 |
| 3 | Today daily open | 0.9518 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9749, 50 SMA 0.982, 100 SMA @ 0.9734 and 200 SMA @ 0.9632.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.9749 |
| 1 | Daily SMA50 | 0.9820 |
| 2 | Daily SMA100 | 0.9734 |
| 3 | Daily SMA200 | 0.9632 |
The previous day high was 0.9596 while the previous day low was 0.9509. The daily 38.2% Fib levels comes at 0.9542, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9563, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.9487, 0.9455, 0.94
- Pivot resistance is noted at 0.9573, 0.9628, 0.966
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.9596 |
| Previous Daily Low | 0.9509 |
| Previous Weekly High | 0.9558 |
| Previous Weekly Low | 0.9357 |
| Previous Monthly High | 1.0148 |
| Previous Monthly Low | 0.9781 |
| Daily Fibonacci 38.2% | 0.9542 |
| Daily Fibonacci 61.8% | 0.9563 |
| Daily Pivot Point S1 | 0.9487 |
| Daily Pivot Point S2 | 0.9455 |
| Daily Pivot Point S3 | 0.9400 |
| Daily Pivot Point R1 | 0.9573 |
| Daily Pivot Point R2 | 0.9628 |
| Daily Pivot Point R3 | 0.9660 |
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