USD/CHF Technical Analysis: Swissy trapped in ranges

USD/CHF bulls have been lifting the market for two consecutive days as they are creating a pullback in the main bear trend.
USD/CHF rose to the 200-day simple moving average where it is finding resistance. In the near term more sideways to down price action is expected as the market is in a range between 0.9768 (September 4 high) and 0.9640 (2018 low).
A bull breakout above 0.9768 would invalidate the bearish bias.

Flavio Tosti Independent Analyst

USD/CHF daily chart

Spot rate: 0.9736
Relative change: 0.46%
High: 0.9749
Low: 0.9685

Main trend: Bearish

Resistance 1: 0.9745-47, August 28 low, 200-day simple moving average
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

Author

Flavio Tosti

Independent Analyst

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