USD/CHF Technical Analysis: today’s downfall confirms a bearish double-top on H4
|• Global risk-aversion trade underpinned the Swiss Franc's safe-haven appeal and was seen exerting some fresh selling pressure at the start of a new trading week.
• Moreover, today's rejection near 200-period SMA adds credence to a bearish double top chart pattern near the 0.9985-90 region on the 4-hourly chart.
• Short-term technical indicators are well into bearish territory and further reinforce prospects for an additional near-term downfall.
Spot Rate: 0.9872
Daily High: 0.9890
Trend: Bearish
Resistance
R1: 0.9890 (current day swing high)
R2: 0.9915 (R1 daily pivot-point)
R3: 0.9927 (100/200-period confluence hurdle H1)
Support
S1: 0.9859 (S1 daily pivot-point)
S2: 0.9826 (June 14 swing low)
S3: 0.9800 (round figure mark)
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