USD/CHF Technical Analysis: Bear channel testing 0.9700 figure

• USD is evolving in a bear channel with falling 50, 100 and 200-period simple moving averages suggesting a bearish bias.
• The market is momentarily testing the 0.9700 support and targets to the downside are seen at 0.9649 (April 6 high) and 0.9580 (April 17 low). 
• A bull breakout above 0.9900 would likely invalidate the bearish bias. 

USD/CHF 15-minute chart

Spot rate:                  0.9802
Relative change:       -0.34%     
High:                         0.9779
Low:                          0.9707

Main trend:               Bearish

Resistance 1:                0.9750, 200-day simple moving average
Resistance 2:                0.9788 June 7 swing low (key level)
Resistance 3:                0.9807 August 22 low 
Resistance 4:                0.9820 August 25 low

Support 1:                0.9707 current August 29 low
Support 2:                0.9649 April 6 high
Support 3:                0.9580 April 17 low