#USDCHF @ 0.92432 takes offers to refresh intraday low, snaps three-day uptrend., @nehcap view: Recovery expected (Pivot Orderbook analysis)

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• USD/CHF takes offers to refresh intraday low, snaps three-day uptrend.
• Bullish MACD signals, key trend line breakout keeps buyers hopeful.
• Two-month-old bearish channel, 50-DMA challenges upside bias below 0.9320.

The pair currently trades last at 0.92432.

The previous day high was 0.9257 while the previous day low was 0.9182. The daily 38.2% Fib levels comes at 0.9228, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9211, expected to provide support.

USD/CHF bulls struggle to keep the reins after a three-day uptrend as the Swiss currency pair drops to 0.9240 while flashing the first daily loss in four during early Tuesday. In doing so, the quote retreats toward the previous resistance line from January 06.

However, the bullish MACD signals and the pair’s trading beyond the resistance-turned-support, around 0.9225 by the press time, keeps the USD/CHF buyers hopeful.

Even if the pair drops back below the previous resistance line, a two-week-old ascending support line near 0.9190 could challenge the USD/CHF bears.

In a case where the quote remains bearish past 0.9190, the monthly low and lower line of the two-month-long bearish channel, respectively near 0.9085 and 0.9040, will be in focus.

On the contrary, a convergence of the 50-DMA and the stated bearish channel’s top line highlights the 0.9320 as a tough nut to crack for the USD/CHF bulls.

Following that, a run-up towards refreshing the monthly high, currently around 0.9410 becomes imminent before challenging the late November 2022 swing high close to the 0.9600 round figure.

It’s worth observing that the 0.9500 round figure may act as an intermediate halt during the quote’s rally between 0.9410 and 0.9600.

Trend: Recovery expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9244 at the time of writing. Pair opened at 0.9253 and is trading with a change of -0.10% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9245, 50 SMA 0.9312, 100 SMA @ 0.9567 and 200 SMA @ 0.963.

The previous day high was 0.9257 while the previous day low was 0.9182. The daily 38.2% Fib levels comes at 0.9228, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9211, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9205, 0.9156, 0.913
• Pivot resistance is noted at 0.9279, 0.9305, 0.9354

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