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USD/CHF - Will Support Hold?

The US Dollar has been sliding with US equities. Both seem to have stabilized a bit now by mid-week. USD/CHF for example has been bearish since the August high at 0.9903 made 8/11. Last week, it made another sharp decline that brought USD/CHF down to 0.9255, where it is finding some support so far this week.

USD/CHF 4H Chart 8/26
(click to enlarge)

In the 4H chart we can see upside risk towards 0.96-0.9650 where price would be challenged by a falling trendline and the cluster of 200-, 100-, and 50-period simple moving averages. This upside risk assumes that the current support around 0.9255 will hold. So far we have not gotten any other evidence other than some raw price action that is showing the 0.9255 to be a support pivot. I think a failed attempt to break below 0.9255 would be a good signal that support is strong around here.

USD/CHF Daily Chart 8/26
(click to enlarge)

The daily chart shows that the USD/CHF is really not in a directional trend, but has gathered some bullish bias since May. However, the last 2 weeks have been rough with the pair retreating sharply. Note that this week's support is reinforced by a rising trendline and if the USD/CHF were to maintain a slightly bullish bias we should see this trendline hold. This week, its all about the 0.9255-0.93 area. We might get consolidation around here next week as well. The more intra-session evidence of support here, the more likely we will see price rebound to test the 0.96-0.9650 area. OR, we might simply start consolidating between the 0.9255 support pivot and the key level around 0.9650. A break above 0.9650 might open up the bullish continuation scenraio with a look back towards pivots around 0.98 and 0.99, and the parity (1.00) level.