USD/CHF Technical Analysis: Forms bearish flag on hourly chart

USD/CHF sellers await confirmation of the bearish technical pattern.
200-hour EMA limits immediate upside.

Anil Panchal FXStreet

Following its heavy declines on Monday, USD/CHF trades near 0.9880 while heading into the European session on Tuesday. The pair forms a bearish flag on the hourly chart while staying near the pattern support by the press time.

With this, sellers will wait for a downside break of flag support, near 0.9870, to aim for the theoretical target of 0.9700. However, lows marked in October and September months near 0.9835 and 0.9800 can offer intermediate halts during the south-run.

Meanwhile, 200-hour Exponential Moving Average (EMA) around 0.9910 will cap the pair’s immediate upside before shifting market attention to the flag’s resistance line close to 0.9925.

If at all bulls manage to cross 0.9925, December 02 high near 0.9930 can act as a validation point to escalate the run-up towards 0.9980 and 1.0000 round-figure.

USD/CHF hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.9879
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	0.9878

Trends
Daily SMA20	0.9923
Daily SMA50	0.9926
Daily SMA100	0.989
Daily SMA200	0.9945

Levels
Previous Daily High	0.9912
Previous Daily Low	0.9875
Previous Weekly High	1.0009
Previous Weekly Low	0.9855
Previous Monthly High	1.0024
Previous Monthly Low	0.985
Daily Fibonacci 38.2%	0.9889
Daily Fibonacci 61.8%	0.9898
Daily Pivot Point S1	0.9865
Daily Pivot Point S2	0.9852
Daily Pivot Point S3	0.9828
Daily Pivot Point R1	0.9901
Daily Pivot Point R2	0.9925
Daily Pivot Point R3	0.9938

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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