- USD/CHF main bear trend remains intact despite USD/CHF finding some support after dropping to a new 5-month low.
- USD/CHF is trading below its 50, 100 and 200-period simple moving average suggesting a strong bearish momentum. The RSI indicator rebounded from the oversold condition as some bears took profits as USD/CHF dropped to a new 2018 low.
- The small USD/CHF rebound is likely to be sold into with the 0.9700 as main resistance to the upside. The bear target is located near (0.9580 April 17 low).
USD/CHF 4-hour chart
Spot rate: 0.9663
Relative change: 0.09%
Main trend: Bearish
Resistance 1: 0.9700 figure
Resistance 2: 0.9745-47, August 28 low, 200-day simple moving average
Resistance 3: 0.9768 September 4 swing high
Resistance 5: 0.9788 June 7 swing low (key level)
Resistance 6: 0.9807 August 22 low
Resistance 7: 0.9820 August 25 low
Support 1: 0.9650 August 29 low
Support 2: 0.9580 April 17 low
Support 3: 0.9500 figure
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