USD/CHF Price Analysis: Falling toward double top support at 0.9744
|- USD/CHF has violated the key rising trendline support.
- A move below 0.9744 would confirm a double top breakdown.
The Swiss Franc is drawing bids on Tuesday, pushing the USD/CHF lower toward for the first time after March 27.
The pair is currently trading at session lows near 0.9755, down 0.30% loss on the day. The spot closed Monday with a 0.27% gain, confirming a six-day winning streak.
The 4-hour chart shows the pair has dived out of an ascending trendline, indicating an end of the rally from the March 29 low of 0.9502 and appears on track to test the support at 0.9744 – the neckline support of the double top pattern. The pair has failed twice in the last two trading days to chew through offers near 0.98.
Acceptance under 0.9744 would confirm a double top breakdown and open the doors to 0.9690 (target as per the measured height method).
On the higher side, a convincing move above 0.98 is needed to revive the bullish setup.
4-hour chart
Trend: Bearish
Technical levels
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