USD/CHF Price Analysis: Bears seeking a discount

USD/CHF bears are in control following the Fed.
The pair is near term bullish, medium-term bearish with a monthly upside bias.

Ross J Burland FXStreet

USD/CHF has plummeted following the Federal Reserve and there are prospects of a downside continuation in line with the broader daily trend.

With that being said, corrections are underway so the bears will be looking for a discount at this juncture.

Hourly chart

The market is correcting with plenty to go until the old support is tested that has a confluence with a 61.8% Fibonacci retracement level.

Daily chart

The bears have been in control for this month with eyes on the next structure to the downside.

However, it would be usual to see a correction at this juncture and the 38.2% Fibonacci retracement level has a confluence with prior support that would be expected to be a resistance on a restest.

Monthly chart

Meanwhile, the upside is on the cards from a longer-term perspective.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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