USD/CHF Technical Analysis: Bulls await flag breakout
|- The USD/CHF pair has charted a bull flag pattern on the 4-hour chart.
- A break above the flag resistance, currently located at 0.9918, would signal a revival of the rally from the Sept. 21 low of 0.9542 and could yield a rally to 1.00.
- The 50, 100 and 200-candle EMAs on the 4-hour chart is rising in favor of the bulls and are located one above the other, indicating the path of least resistance is on the higher side.
- However, if the flag if breached on the downside, then it would confirm that the rally from 0.9542 has made a top at a high of 0.9956.
4-hour Chart
Spot Rate: 0.9886
Daily High: 0.9887
Daily Low: 0.9865
Trend: Bullish above 0.9918
R1: 0.9918 (flag resistance)
R2: 0.9956 (Oct. 9 high)
R3: 1.00 (major psychological resistance)
Support
S1: 0.9848 (previous day's low)
S2: 0.9819 (100-day EMA)
S3: 0.9799 (200-day EMA)
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