#USDCHF @ 0.93076 bulls eye 0.9350 near a 78.6% Fibonacci.
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- USD/CHF bulls eye 0.9350 near a 78.6% Fibonacci.
- Bears seek a move lower after the breaks of structure.
USD/CHF dropped on Monday and penetrated the daily bullish trendline that has exposed 0.93 the figure. The following illustrates the risks of a bullish correction in the meanwhile but leans overall with a bearish bias given the break in market structures.
The M-formation is a reversion pattern and the price would be expected to retrace to restest the prior support near 0.9350.
Zooming in, we can see that 0.9350 could be a touch higher than where the bulls might be able to get to. We have the 78.6% Fibonacci just below it and prior support that could be resistance near the 61.8%.
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