#USDCHF @ 0.95207 retreats from weekly high to snap four-day uptrend., @nehcap view: Bullish (Pivot Orderbook analysis)

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• USD/CHF retreats from weekly high to snap four-day uptrend.
• Previous resistance line of an immediate triangle, bullish MACD signals favor buyers.
• Convergence of 50-day and 100-day EMA challenges the upside moves.

The pair currently trades last at 0.95207.

The previous day high was 0.9546 while the previous day low was 0.946. The daily 38.2% Fib levels comes at 0.9513, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9493, expected to provide support.

USD/CHF takes offers to refresh the intraday low near 0.9520 during early Wednesday in Europe. In doing so, the Swiss Franc (CHF) pair prints the first daily loss in five while reversing from the highest levels in one week.

Even so, the resistance-turned-support line from November 11, close to 0.9520, restricts the USD/CHF pair’s immediate downside.

Also keeping the pair buyers hopeful are the stronger bullish signals from the Moving Average Convergence and Divergence (MACD) indicator.

It should be noted that the 0.9500 threshold and a fortnight-old ascending support line, near 0.9405, will precede the monthly low of .9356 to challenge the USD/CHF bears afterward.

Meanwhile, recovery moves could aim for the 0.9600 round figure but a convergence of the 50-day and 100-day Exponential Moving Average (EMA) around 0.9700-05 appears a tough nut to crack for the USD/CHF bulls.

In a case where the pair successfully crosses the 0.9705 hurdle, the late October lows near 0.9840 will be in focus.

Overall, USD/CHF is expected to stay in recovery mode unless refreshing the monthly low. However, the upside momentum appears limited.

Trend: Bullish

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9526 at the time of writing. Pair opened at 0.954 and is trading with a change of -0.15% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9629, 50 SMA 0.9803, 100 SMA @ 0.9719 and 200 SMA @ 0.9639.

The previous day high was 0.9546 while the previous day low was 0.946. The daily 38.2% Fib levels comes at 0.9513, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9493, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9485, 0.943, 0.94
• Pivot resistance is noted at 0.957, 0.9601, 0.9656

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