USD/CHF Technical Analysis: Double Top can send USD/CHF down to 0.9700 figure

  • 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%     
High:                              0.9760
Low:                               0.9727

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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