USD/CHF Technical Analysis: Swissy drops below parity level

USD/CHF slipped below the parity level as the week started. It is now trading below its 50, 100 and 200-period simple moving averages.
However, USD/CHF is finding some support from the bullish trendline (dotted line) and a clear breakout below it and the 0.9950-0.9961 area would be needed to confirm a bearish bias.
The parity level becomes now the major resistance to the upside for bulls to overcome while bears will try to drive the market below 0.9950-0.9961 area, figure and June 21 open.

Flavio Tosti Independent Analyst

USD/CHF 15-minute chart

Spot rate: 0.9968
Relative change: -0.49%
High: 1.0026
Low: 0.9962

Trend: Neutral

Resistance 1: 0.9989-1.0000 area June 15 high and parity
Resistance 2: 1.0026 May 11 open
Resistance 3: 1.0069 current 2018 high
Resistance 4: 1.0170 March 7, 2017 high
Resistance 5: 1.0343 December 15, 2016

Support 1: 0.9950-0.9961 figure and June 21 open
Support 2: 0.9936 daily 50-period SMA
Support 3: 0.9920 intraday demand level
Support 4: 0.9900 figure
Support 5: 0.9856 June 25 low
Support 6: 0.9788 June 7 swing low

Author

Flavio Tosti

Independent Analyst

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