#USDCHF @ 0.89108 remains steady at around 0.8900 amidst risk aversion and higher US T-bond yields. (Pivot Orderbook analysis)

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• USD/CHF remains steady at around 0.8900 amidst risk aversion and higher US T-bond yields.
• After the US economic data release, the major rebounded from daily lows and surged above 0.8900.
• USD/CHF Price Analysis: Double bottom looming could pave the way towards 0.9000, ahead of the 50-day EMA at 0.9100.

The pair currently trades last at 0.89108.

The previous day high was 0.8928 while the previous day low was 0.8861. The daily 38.2% Fib levels comes at 0.8902, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8886, expected to provide support.

The USD/CHF remains steady at around 0.8900 after hitting a daily low of 0.8851 and appears to have bottomed after falling from last year’s highs of 1.0147. As the Asian session begins, the USD/CHF is trading at 0.8906, above its opening price by a minuscule 0.01%.

The main drivers for USD/CHF price action continue to be risk-jitters around the First Republic Bank crisis. Although triggered flows towards the Swiss Franc (CHF), higher US T-bond yields, bolstered the US Dollar (USD), capping the USD/CHF’s fall.

The US economic agenda featured Durable Good Orders for March, which jumped 3.2% MoM, above estimates. Excluding transport orders advanced 0.3%, and stripping defense and aircraft, fell 0.4% MoM. After the release, the USD/CHF bounced off the daily lows and rose above 0.8900.

Later in the New York session, Atlanta’s Fed updated its GDP NOW model, reigniting recessionary worries about the United States economy. The GDPNOW model foresees GDP for Q1 at 1.1% vs. a previous reading of 2.5%.

In the Europan session, the Swiss Economic Sentiment advanced to -33.3 points in April, an improvement compared to -41.3 points in March, according to data from Credit Suisse.

The US economic docket will feature Initial Jobless Claims and the Gross Domestic Product (GDP) Advance for Q1, 2023.

From a daily chart perspective, a double bottom could be forming. Nevertheless, to cement the case, the USD/CHF must break above the April 19 high at 0.9003. A breach of the latter and the USD/CHF will challenge the 0.9050 figure before testing the 50-day EMA at 0.9103.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.891 at the time of writing. Pair opened at 0.892 and is trading with a change of -0.11 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9015, 50 SMA 0.9176, 100 SMA @ 0.9217 and 200 SMA @ 0.9459.

The previous day high was 0.8928 while the previous day low was 0.8861. The daily 38.2% Fib levels comes at 0.8902, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8886, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8878, 0.8836, 0.8811
• Pivot resistance is noted at 0.8945, 0.897, 0.9011

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