#USDCHF @ 0.91750 consolidates recent losses around the lowest levels since November 2021., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• USD/CHF consolidates recent losses around the lowest levels since November 2021.
• A two-month-old bearish channel, downbeat oscillators keep sellers hopeful.
• Bear cross, clear downside break of key ascending trend line adds strength to the bearish bias.
• Recovery remains elusive unless the quote stays below 200-DMA.

The pair currently trades last at 0.91750.

The previous day high was 0.9246 while the previous day low was 0.9085. The daily 38.2% Fib levels comes at 0.9147, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9185, expected to provide resistance.

USD/CHF picks up bids to lick its wounds around the lowest levels since November 2021, marked the previous day, during Thursday’s quiet Asian session.

Even so, the Swiss currency (CHF) pair remains on the bear’s radar as it stays inside a bearish channel connecting multiple levels marked since November 2022.

Also, the impending bear cross on the MACD and descending RSI line, not oversold, suggest the quote’s further downside.

Above all, the USD/CHF pair’s sustained trading below the key support line from mid-2021, as well as the 100-DMA’s piercing off the 200-DMA from above, known as the “death cross”, offer extra reasons to expect the quote’s further weakness.

It should be noted that the 61.8% Fibonacci retracement level of the pair’s June 2021 to November 2022 upside, near 0.9390, acts nearby hurdle for the pair.

That said, a broad bearish range between 0.9040 and 0.9320 restrict short-term USD/CHF moves ahead of the multi-month-old previous support line, around 0.9420.

In a case where USD/CHF manages to cross the 0.9420 hurdle, the 100-DMA and the 200-DMA, respectively near 0.9600 and 0.9640 could act as the last defenses of the USD/CHF bears.

On the contrary, a downside break of 0.9040 could witness the 0.9000 psychological manget as an extra filter to the south before challenging the mid-2021 bottom surrounding 0.8925.

Trend: Further downside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9172 at the time of writing. Pair opened at 0.9168 and is trading with a change of 0.04% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9277, 50 SMA 0.9359, 100 SMA @ 0.9609 and 200 SMA @ 0.9642.

The previous day high was 0.9246 while the previous day low was 0.9085. The daily 38.2% Fib levels comes at 0.9147, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9185, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9087, 0.9006, 0.8926
• Pivot resistance is noted at 0.9248, 0.9327, 0.9408

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