#USDCHF @ 0.90527 takes a hit as weaker-than-expected US economic data spur recession fears, driving the Swiss Franc up. (Pivot Orderbook analysis)

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• USD/CHF takes a hit as weaker-than-expected US economic data spur recession fears, driving the Swiss Franc up.
• From a technical perspective, the USD/CHF pair is neutrally biased, awaiting a fresh catalyst for definitive market direction.
• Amid mixed signals from market oscillators, expectations of a hawkish Swiss National Bank may provide a catalyst for further USD/CHF downside.

The pair currently trades last at 0.90527.

The previous day high was 0.9093 while the previous day low was 0.9035. The daily 38.2% Fib levels comes at 0.9071, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9057, expected to provide resistance.

USD/CHF slips after clashing with the 100-day Exponential Moving Average (EMA) at 0.9125, dropping below the 0.9100 mark, sponsored by a soft US Dollar (USD). Weaker-than-expected US economic data stirred recession fears amongst investors. Therefore, the Swiss Franch (CHF) rises, as shown by the USD/CHF pair trading at 0.9063, down 0.27%.

From a daily chart perspective, the USD/CHF is neutrally biased, waiting for a fresh catalyst that could give direction to the USD/CHF pair. Meanwhile, the USD/CHF is trapped on the upside by the 100-day Exponential Moving Average (EMA) at 0.9123; on the flip side, the 50-day EMA is at 0.9037.

In bullish territory, the Relative Strength Index (RSI) indicator aims downwards, while the 3-day Rate of Change (RoC), even though in bearish territory, climbs toward the neutral area. Mixed signals between oscillators might prevent traders from opening new long/short positions. But, expectations for a hawkish Swiss National Bank (SNB) could open the door for further downside.

The USD/CHF first support would be the 50-day EMA. A breach of the latter will expose the 20-day EMA at 0.9027, followed by the 0.9000 psychological support, before diving toward February 16, 2021, Low of 0.8926.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9062 at the time of writing. Pair opened at 0.9092 and is trading with a change of -0.33 % .

The pair is trading above its 20 Daily moving average @ 0.9004, above its 50 Daily moving average @ 0.9001 , below its 100 Daily moving average @ 0.9127 and below its 200 Daily moving average @ 0.9376

The previous day high was 0.9093 while the previous day low was 0.9035. The daily 38.2% Fib levels comes at 0.9071, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9057, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9054, 0.9015, 0.8996
• Pivot resistance is noted at 0.9112, 0.9131, 0.917

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