USD/CHF Technical Analysis: Sell-off stalled

• The back-to-back "long-tailed" candle seen in the USD/CHF 4-hour chart indicates the sell-off from the Aug. 29 high of 0.9969 has likely run out of steam, although it is still too early to call a corrective rally as the falling trendline is intact.
• Further, the path of least resistance is to the downside as the 4H 100MA is located below the 200MA. So, a corrective rally above the falling trendline could be short-lived.
• As of now, the spot seems to have found a temporary bottom around 0.9652.

4-hour chart

Spot Rate: 0.97

Daily High: 0.9703

Daily Low: 0.9691

Trend: Neutral/bear exhaustion

Resistance

R1: 0.9718 (falling trendline hurdle)

R2: 0.9745 (Aug. 28 low hurdle on the 4-hour chart)

R3: 0.9775 (falling 4H 50MA)

Support

S1: 0.9686 (session low)

S2: 0.9652 (last week's low)

S3: 0.9628 (50% Fib R of 0.9188/ 1.00681)

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