USD/CHF Technical Analysis: USD starting to lose steam below 0.9950 level as small head-and-shoulders is forming

• USD/CHF is trading in a bull trend as the 50 and 100-period simple moving averages (SMA) are moving upward. The 100 SMA crossed above the 200 SMA which is considered a bullish clue known as golden cross. 
• However, USD/CHF is currently stalling below the 0.9950 level as the market is forming a small head-and-shoulders pattern which can signal that a pullback can be imminent. The MACD indicator also started decelerating since early October.
• Supports to the downside can be located near 0.9891 October 4 low and 0.9868 July 31 low. A strong bull breakout above 0.9950 should lead to an acceleration to the parity level.

USD/CHF 4-hour chart

Spot rate:                       0.9923
Relative change:            0.04%     
High:                              0.9945
Low:                               0.9906

Main trend:                    Bullish

Resistance 1:                0.9950 figure
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