#USDCHF @ 0.90628 picks up bids to refresh intraday high, extend previous week’s rebound from 22-month low., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)

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• USD/CHF picks up bids to refresh intraday high, extend previous week’s rebound from 22-month low.
• Bullish MACD signals allow USD/CHF to consolidate recent losses but March’s low guards immediate upside.
• Multiple resistance lines, 100-SMA stand tall to challenge USD/CHF bulls.
• Sellers need validation from 0.9035 to aim for fresh multi-month low.

The pair currently trades last at 0.90628.

The previous day high was 0.9082 while the previous day low was 0.9034. The daily 38.2% Fib levels comes at 0.9064, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9052, expected to provide support.

USD/CHF renews its intraday high near 0.9065 during early Easter Monday in Europe. In doing so, the Swiss Franc (CHF) pair extends the previous day’s recovery from a 22-month low while approaching a one-month-old support-turned-resistance surrounding 0.9075.

It’s worth noting that the bullish MACD signals join the corrective bounce off the multi-day low to lure USD/CHF buyers as they approach the previous support near 0.9075.

Even if the quote manages to stay firmer past 0.9075, downward-sloping resistance lines from March 26 and 15, respectively near 0.9095 and 0.9145, can check the USD/CHF buyers.

Even so, the Swiss currency pair buyers need to portray a successful upside break of the 100-bar Simple Moving Average (SMA), around 0.9160, to please the USD/CHF buyers.

Following that, 0.9225 and a late March swing high of around 0.9345 will be in focus.

On the flip side, multiple lows around 0.9035-30 can test the USD/CHF bears before recalling them to the driver’s seat. However, the 0.9000 psychological magnet may challenge the sellers afterward.

In a case where USD/CHF remains bearish past 0.9000, June 2021 low near 0.8925 may lure the sellers.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9063 at the time of writing. Pair opened at 0.9054 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 @ 0.9168, 50 SMA 0.9236, 100 SMA @ 0.9277 and 200 SMA @ 0.9507.

The previous day high was 0.9082 while the previous day low was 0.9034. The daily 38.2% Fib levels comes at 0.9064, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9052, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9032, 0.901, 0.8985
• Pivot resistance is noted at 0.9079, 0.9104, 0.9126

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