USD/CHF Technical Analysis: USD/CHF bears break below 0.9867 swing low opening door to 0.9788 level

• USD/CHF bull trend has been on hold since early May.
• USD/CHF bears broke below 0.9867 July 31 swing leaving the door open for a drop to 0.9788, June 7 swing low. By trading below July 31 low, USD/CHF has now created a lower low on the daily chart, which is considered bearish.
• A sustained bull breakout above 0.9920 would invalidate the bearish bias.  

USD/CHF daily chart

Spot rate:                  0.9871
Relative change:      -0.43%      
High:                         0.9926
Low:                          0.9866

Main trend:            Bullish trend transitioning into bearish  

Resistance 1:           0.9867 July 31 swing low
Resistance 2:           0.9899 August 14 low
Resistance 3:           0.9920 August 3 low  
Resistance 4:           0.9950 figure

Support 1:                0.9856 June 25 low
Support 2:                0.9788 June 7 swing low
Support 3:                0.9756, 200-day simple moving average