#USDCHF @ 0.91837 picks up bids to reverse the previous day’s pullback from weekly high., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USD/CHF picks up bids to reverse the previous day’s pullback from weekly high.
• Convergence of one-week-old resistance line, descending trend line from early March prods Swiss Franc pair buyers.
• Bears need validation from 13-day-old ascending support line to retake control.

The pair currently trades last at 0.91837.

The previous day high was 0.9224 while the previous day low was 0.9165. The daily 38.2% Fib levels comes at 0.9187, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9201, expected to provide resistance.

USD/CHF bulls are back to the table, following the previous day’s retreat, as the quote grinds higher around 0.9200 during early Thursday. In doing so, the Swiss currency pair bounces off the 100-Hour Moving Average (HMA) while also justifying the upward-sloping RSI (14) line, not overbought.

As a result, the USD/CHF buyers are likely to witness more gains. However, a convergence of an ascending trend line from the last Friday and a three-week-old descending resistance line, around 0.9230, appears a tough nut to crack for the pair buyers before retaking control.

In a case where the USD/CHF buyers manage to keep the reins past 0.9230, a run-up towards 0.9300 and the mid-month high surrounding 0.9340 can’t be ruled out. Though, a clear upside break of 0.9340 won’t hesitate to challenge the monthly peak of near 0.9440.

On the flip side, the 100-HMA level surrounding 0.9180 restricts the immediate downside of the USD/CHF price, a break of which could drag prices toward an ascending support line from March 13, close to 0.9150 at the latest.

It’s worth noting that the USD/CHF pair’s weakness past 0.9150 can make it vulnerable to testing the monthly low of around 0.9070.

Overall, USD/CHF is likely to rise further but the upside move needs validation from 0.9230.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9193 at the time of writing. Pair opened at 0.9185 and is trading with a change of 0.09% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9261, 50 SMA 0.9252, 100 SMA @ 0.9305 and 200 SMA @ 0.9524.

The previous day high was 0.9224 while the previous day low was 0.9165. The daily 38.2% Fib levels comes at 0.9187, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9201, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9159, 0.9133, 0.91
• Pivot resistance is noted at 0.9217, 0.925, 0.9276

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