USD/CHF Technical Analysis: Bull reversal day in the making

USD/CHF is trading in a bear channel.
USD/CHF bulls are attempting to create a bull reversal day at the lower end of the channel. Since the main trend is bearish, the bulls will have to break above Thursday’s high in order to generate enough momentum to reach 0.9750 (August 28 low).
Since the main trend is to downside the bull move can be very short-lived.

Flavio Tosti Independent Analyst

USD/CHF daily chart

Spot rate: 0.9710
Relative change: -0.05%
High: 0.9717
Low: 0.9685

Main trend: Bearish
Short-term trend: Bullish above 0.9716 (current August 30 high)

Resistance 1: 0.9716 current August 30 high
Resistance 2: 0.9745, August 28 low
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: 0.9707 current August 29 low
Support 2: 0.9649 April 6 high
Support 3: 0.9600 figure
Support 4: 0.9580 April 17 low

Author

Flavio Tosti

Independent Analyst

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