USD/CHF Technical Analysis: Greenback stalling below 0.9950 can open room to decline

USD/CHF is evolving in a bull trend as the market is above the 100 and 200-period simple moving averages (SMA).
USD/CHF is coiling around the 50-period simple moving average and the market is currently printing a lower high suggesting that the bull run might be about to enter a bearish pullback.
In the absence of a sustained breakout above 0.9950, USD/CHF is poised to trade sideways to down towards 0.9891 (October 4 low), 0.9868 (July 31 low) and 0.9807 (August 22 low ).

Flavio Tosti Independent Analyst

USD/CHF 4-hour chart

Spot rate: 0.9917
Relative change: 0.21%
High: 0.9931
Low: 0.9881

Main trend: Bullish

Short-term trend: Bearish pullback below 0.9950

Resistance 1: 0.9950 figure
Resistance 2: 1.0000 parity level
Resistance 3: 1.0068 July 13 high

Support 1: 0.9891 October 4 low
Support 2: 0.9868 July 31 low
Support 3: 0.9820 August 25 low
Support 4: 0.9807 August 22 low
Support 5: 0.9788 June 7 swing low (key level)
Support 6: 0.9768 September 4 swing high

Author

Flavio Tosti

Independent Analyst

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