#USDCHF @ 0.93652 buyers struggle inside a bullish chart formation., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USD/CHF buyers struggle inside a bullish chart formation.
• Upbeat MACD signals suggest further advances, 200-HMA acts as an additional upside filter.
• Bears have a bumpy road to travel unless breaking 0.9300 support.

The pair currently trades last at 0.93652.

The previous day high was 0.9382 while the previous day low was 0.9312. The daily 38.2% Fib levels comes at 0.9339, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9355, expected to provide support.

USD/CHF prints mild gains around 0.9360 even as the 50-Hour Moving Average (HMA) challenges the buyers during early Monday in Europe. In doing so, the Swiss Franc (CHF) pair justifies bullish MACD signals while staying inside a short-term falling wedge bullish chart pattern.

That said, the quote’s latest weakness becomes less troublesome beyond the stated wedge’s support line, around 0.9310 at the latest.

Even if the quote defies the bullish chart formation, by breaking the 0.9310 support, the 0.9300 round figure could act as an extra filter to the south before pleasing the USD/CHF bears.

In that case, lows marked during April and March around 0.9195 and 0.9150 respectively, will gain the major attention of the pair sellers.

Meanwhile, recovery moves need validation from the 50-HMA hurdle of 0.9365, a break of which could poke the stated wedge’s upper line, close to 0.9395 at the latest.

It should be noted that the USD/CHF run-up beyond 0.9395 should provide a clear break of the 200-HMA, around 0.9405 by the press time, to boost the buyer’s morale.

Following that, a rally towards the late November swing high around the 0.9600 threshold can’t be ruled out.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.936 at the time of writing. Pair opened at 0.935 and is trading with a change of 0.11% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.945, 50 SMA 0.9737, 100 SMA @ 0.9692 and 200 SMA @ 0.9647.

The previous day high was 0.9382 while the previous day low was 0.9312. The daily 38.2% Fib levels comes at 0.9339, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9355, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9314, 0.9278, 0.9244
• Pivot resistance is noted at 0.9384, 0.9418, 0.9454

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