Since February 2011, the USD/CHF currency pair hasn't visited these price levels.
The current levels of price between 0.9400-0.9780 are considered as a strong resistance area, as 50% Fibonacci level of the whole swing down to 1.1700-0.7050 and previous multiple tops are located there.
Now we see weakness of the bullish move and no visible higher maximums and lows indicating possible decline from these levels of resistance.
Daily closure below 0.9400-0.9380 which is 50% Fibonacci level gives confirmation for a coming decline targeting at 0.8585 in the long-term.
The mentioned weakness of the bulls is manifested on this 4H chart as the pair began to enter a period of consolidation without enough steam to push higher.
The pair is now testing the lower limit of the bullish channel marked in blue, which is considered the 1st support line facing the pair.
The pair is probably about to form a "Double Top" reversal pattern with neck-line at 0.9400 which becomes confirmed when the pair closes below this neckline targeting to 0.9250 initially.
