- USD/CHF is resuming its bear trend after the market found resistance near 0.9768 September 4 swing high forming a double top pattern. The 0.9700 support has been reached and the market is consolidating the recent losses.
- USD/CHF bears next objective is to break below 0.9700 and the 50-period simple moving average in order to target 0.9650 August 29 low. The RSI, MACD and Stochastics are turning south indicating more losses ahead.
- A bull breakout above 0.9768 would invalidate the bearish bias.
USD/CHF 4-hour chart
Spot rate: 0.9712
Relative change: -0.10%
High: 0.9751
Low: 0.9700
Main trend: Bearish below 0.9768
Resistance 1: 0.9745-47, August 28 low, 200-day simple moving average
Resistance 2: 0.9768 September 4 swing high
Resistance 3: 0.9788 June 7 swing low (key level)
Resistance 4: 0.9807 August 22 low
Resistance 5: 0.9820 August 25 low
Support 1: 0.9700 figure
Support 2: 0.9650 August 29 low
Support 3: 0.9600 figure
Support 4: 0.9580 April 17 low