#USDCHF @ 0.91813 consolidation the biggest daily gains in over a week., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• USD/CHF consolidation the biggest daily gains in over a week.
• Two-week-old descending trend line, 200-HMA guard immediate upside.
• Bearish MACD signals back the failure to cross key hurdles and direct sellers towards immediate support line.

The pair currently trades last at 0.91813.

The previous day high was 0.9235 while the previous day low was 0.9142. The daily 38.2% Fib levels comes at 0.9199, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9177, expected to provide support.

USD/CHF holds lower ground as it extends the previous day’s pullback to snap a two-day uptrend around 0.9180 on early Monday.

In doing so, the Swiss Franc (CHF) pair also justifies the bearish MACD signals while approaching an ascending support line from last Wednesday, close to 0.9160 by the press time.

It’s worth noting that the quote’s weakness past 0.9160 will make it vulnerable to refreshing the monthly low, currently around 0.9085.

As a result, August 2021 low near 0.9020 and the 0.9000 psychological magnet could gain the USD/CHF bear’s attention past 0.9160.

If at all the USD/CHF pair remains bearish past 0.9000, the June 2021 bottom around 0.8925 and the year 2021 trough of 0.8757 will be in focus.

On the flip side, a convergence of the downward-sloping resistance line from January 06 and the 200-Hour Moving Average (HMA), close to 0.9230-35, could challenge short-term USD/CHF recovery.

Following that, a run-up towards 0.9365 and the monthly high near 0.9410 can’t be ruled out.

In a case where USD/CHF remains firmer past 0.9410, the late November 2022 swing high around 0.9600 will be in focus as it acts as the last defense of the pair sellers.

Overall, USD/CHF is likely to decline more but the downside room appears limited.

Trend: Further downside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9182 at the time of writing. Pair opened at 0.9203 and is trading with a change of -0.23% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9262, 50 SMA 0.9345, 100 SMA @ 0.9596 and 200 SMA @ 0.9639.

The previous day high was 0.9235 while the previous day low was 0.9142. The daily 38.2% Fib levels comes at 0.9199, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9177, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9151, 0.91, 0.9058
• Pivot resistance is noted at 0.9245, 0.9287, 0.9338

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