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.

Omkar Godbole FXStreet Contributor

4-hour Chart

Spot Rate: 0.9886

Daily High: 0.9887

Daily Low: 0.9865

Trend: Bullish above 0.9918

Resistance

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)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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