USD/CHF Technical Analysis: USD/CHF drops to a new 5-month low – Bears remain in control

  • 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%     
High:                              0.9671
Low:                               0.9633

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