#USDCHF @ 0.90705 retreats towards intraday low, eyes first weekly loss in five., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• USD/CHF retreats towards intraday low, eyes first weekly loss in five.
• Lower high prices join downbeat RSI (14) line, bearish MACD signals to keep sellers hopeful.
• One-month-old rising trend line, 100-SMA prod Swiss Franc (CHF) buyers.

The pair currently trades last at 0.90705.

The previous day high was 0.9098 while the previous day low was 0.9034. The daily 38.2% Fib levels comes at 0.9073, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9058, expected to provide support.

USD/CHF clings to mild losses near 0.9070 as it fades bounce off the intraday low early Wednesday. In doing so, the Swiss Franc (CHF) pair struggles for clear directions while staying between the key support line stretched from March and a one-week-long descending resistance line. It should be noted that the quote fades bounce off the 100-SMA, poked the previous day.

Bearish MACD signals join the lower high formation on the RSI (14) line and the USD/CHF price to suggest the pair’s further downside.

However, a clear break of the aforementioned support line, near 0.9055 by the press time, becomes necessary for the USD/CHF bear’s entry. Even so, the 100-SMA support of 0.9037 can act as an additional check for the pair sellers.

Following that, a downward trajectory towards the 0.9000 psychological magnet and then to the 200-SMA level of around 0.8975 can be expected.

On the flip side, USD/CHF buyers need to cross a downward-sloping resistance line from the previous Wednesday, near 0.9105 as we write, to retake control.

In that case, the Swiss Franc (CHF) pair may challenge the previous monthly high of around 0.9150 before eyeing the yearly peak marked in March around 0.9440.

Trend: Further downside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9072 at the time of writing. Pair opened at 0.9076 and is trading with a change of -0.04% % .

The pair is trading above its 20 Daily moving average @ 0.9021, above its 50 Daily moving average @ 0.8996 , below its 100 Daily moving average @ 0.9124 and below its 200 Daily moving average @ 0.9369

The previous day high was 0.9098 while the previous day low was 0.9034. The daily 38.2% Fib levels comes at 0.9073, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9058, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.904, 0.9005, 0.8976
• Pivot resistance is noted at 0.9105, 0.9134, 0.917

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