USD/CHF Technical Analysis: Greenback losing some steam below 0.9950 level

  • USD/CHF is in a bull trend as the bulls broke above the 100-day simple moving average (DMA) on the daily time-frame (not shown). 
  • USD/CHF is finding some resistance and is having trouble to move beyond 0.9950 as the week is about to come to an end. The pair has been on a strong bull run with the RSI and Stochastics indicators being in overbought conditions for more than a week. The MACD crossover is also suggesting that a small pullback can be on the cards for USD/CHF. 
  • The 0.9891 level (October 4 low) and 0.9868 (July 31 low) should act as levels of support on a pullback.

USD/CHF 4-hour chart

Spot rate:                       0.9920
Relative change:            0.03%     
High:                              0.9958
Low:                               0.9909

Main trend:                    Bullish

Resistance 1:                0.9984 August 15 high
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

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