#USDCHF @ 0.92262 picks up bids to refresh intraday high, extend the previous day’s bounce off one-week low., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USD/CHF picks up bids to refresh intraday high, extend the previous day’s bounce off one-week low.
• Upbeat MACD signals, sustained trading beyond 200-HMA favor buyers inside bullish chart formation.
• Sellers need to conquer the golden Fibonacci ratio to retake control.

The pair currently trades last at 0.92262.

The previous day high was 0.9234 while the previous day low was 0.9138. The daily 38.2% Fib levels comes at 0.9197, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9175, expected to provide support.

USD/CHF stands on a firmer footing near 0.9225 while refreshing intraday high during early Wednesday. In doing so, the Swiss Franc (CHF) pair stretches the previous day’s rebound from the lowest level in a week with a one-week-old bullish triangle formation.

Adding strength to the upside bias is the quote’s latest bounce off the 200-Hour Moving Average (HMA), around 0.9215 by the press time, as well as the bullish MACD signals.

That said, the USD/CHF pair’s current advances aim for the top line of the stated triangle, close to 0.9250 at the latest.

Should the bulls manage to cross the key upside hurdle, the odds of witnessing further run-up towards the monthly high of 0.9291 and then to the 0.9300 threshold can’t be ruled out.

It’s worth observing that the USD/CHF rise beyond 0.9300 won’t hesitate to challenge January’s peak of 0.9409.

On the contrary, a clear break of the 200-HMA level surrounding 0.9215 isn’t an open invitation to the bears as the 0.9200 round figure could probe the downside move.

Even so, the 50% Fibonacci retracement level of the USD/CHF pair’s February 02-06 upside and the aforementioned triangle’s bottom line, close to 0.9175 and 0.9160 in that order, could probe the bears.

In a case where the USD/CHF sellers keep the reins past 0.9160, the 61.8% Fibonacci retracement level of .9147, also known as the golden Fibonacci ratio, can be considered the last defense of the pair buyers.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9223 at the time of writing. Pair opened at 0.9215 and is trading with a change of 0.09% % .

The pair is trading above its 20 Daily moving average @ 0.9202, below its 50 Daily moving average @ 0.9258 , below its 100 Daily moving average @ 0.951 and below its 200 Daily moving average @ 0.9598

The previous day high was 0.9234 while the previous day low was 0.9138. The daily 38.2% Fib levels comes at 0.9197, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9175, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9157, 0.9099, 0.9061
• Pivot resistance is noted at 0.9254, 0.9292, 0.935

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