- USD/CHF bulls are trying to reverse the bear trend by attempting to breakout above 0.9768 September 4 swing high.
- However, USD/CHF bears are defending the level also helped by the 100-period simple moving average on the 4-hour chart forming a double top formation in the process. If bears are able to keep the market below 0.9768, their target can be located near the 0.9700 figure.
- A bull breakout above 0.9768 would invalidate the bearish bias.
USD/CHF 4-hour chart
Spot rate: 0.9730
Relative change: -0.23%
Main trend: Bearish below 0.9768
Resistance 1: 0.9745-47, August 28 low, 200-day simple moving average
Resistance 2: 0.9768 September 4 swing high
Resistance 2: 0.9788 June 7 swing low (key level)
Resistance 3: 0.9807 August 22 low
Resistance 4: 0.9820 August 25 low
Support 1: 0.9700 figure
Support 2: 0.9651 August 29 low
Support 3: 0.9600 figure
Support 4: 0.9580 April 17 low
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