#USDCHF @ 0.89461 retreats from intraday high, fades the previous week’s rebound from early 2021 levels., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• USD/CHF retreats from intraday high, fades the previous week’s rebound from early 2021 levels.
• Three-day-old resistance line, 100-EMA restrict immediate upside amid nearly overbought RSI.
• Receding bullish bias of MACD signals also extend downside pressure on Swiss Franc pair.
• Resistance-turned-support from April 10 puts a floor under the prices for intraday.

The pair currently trades last at 0.89461.

The previous day high was 0.8959 while the previous day low was 0.8867. The daily 38.2% Fib levels comes at 0.8924, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8902, expected to provide support.

USD/CHF drops to 0.8945 as it pares the intraday gains during Monday morning in Asia.

With this, the Swiss Franc (CHF) pair takes a U-turn from the 100-bar Exponential Moving Average (EMA), as well as a three-day-old resistance line, to reverse the previous week’s U-turn from the lowest levels since January 2021.

Not only the aforementioned immediate upside hurdles but the receding bullish bias of the MACD signals and the RSI (14) line’s retreat from the overbought territory also suggest a pullback in the USD/CHF prices.

However, the previous resistance line stretched from April 10, now immediate support around 0.8905, quickly followed by the 0.8900 round figure, can lure the USD/CHF bears.

In a case where the quote remains bearish past 0.8900, the recently flashed multi-month low of around 0.8860, marked in the last week, will gain the market’s attention.

Alternatively, recovery moves clear to cross the downward-sloping resistance line from the last Wednesday, as well as the 100-EMA, respectively near 0.8955 and 0.8960, to recall the USD/CHF buyers.

Following that the 200-EMA hurdle surrounding the 0.9000 psychological magnet will be in focus.

Should the USD/CHF buyers keep the reins past 0.9000, the odds of witnessing a gradual run-up towards challenging the monthly of near 0.9200 can’t be ruled out.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8948 at the time of writing. Pair opened at 0.8937 and is trading with a change of 0.12% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9107, 50 SMA 0.9217, 100 SMA @ 0.9252 and 200 SMA @ 0.9489.

The previous day high was 0.8959 while the previous day low was 0.8867. The daily 38.2% Fib levels comes at 0.8924, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8902, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8883, 0.8829, 0.8791
• Pivot resistance is noted at 0.8975, 0.9013, 0.9067

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