USD/CHF 4H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems the rally that was started in mid-July has finally come to an end, being that there are two distinct tops on the four-hour chart of USD/CHF. Since this is a reversal pattern, a breach of the neck-line at 0.9041 will be a distinctly bearish sign, and the ensuing dip may potentially extend down to 0.89. At the same time a combination of the weekly S2 and 200-period SMA at 0.8987 could be a good intermediary target.
However, the SWFX market participants are largely bullish with respect to USD/CHF (71% of positions are long) and apparently do not see the resistance at 0.91 as a serious threat to the bullish momentum.
© Dukascopy Bank SA
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