#USDCHF @ 0.89413 bulls are in the market and broke the 4-hour structure at 0.8926.
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- USD/CHF bulls are in the market and broke the 4-hour structure at 0.8926.
- Meanwhile, a bearish 61.8% Fibonacci retracement aligns with the potential support structure.
USD/CHF is higher by some 0.4% and has rallied from a low of 0.8900 to a high of 0.8976 in a market that is trying to break higher in a short squeeze. The following illustrates the corrective bias for the meanwhile within a bearish trending market.
USD/CHF is offered and on the way to test the monthly support. However, the price is stalling and a correction could be on the cards for the coming days. A 50% mean reversion comes in at 0.9100.
However, we are yet to see a bullish schematic playout on the daily chart with the price submerged below the trendline resistance without closing on the back side of it yet. The horizontal structure is located at 0.9003.
Then again, the bulls are in the market and broke the 4-hour structure at 0.8926. So long as the bulls commit, then a pullback into test the structure could be met with demand and a subsequent bullish structure will be put in. A 61.8% Fibonacci retracement aligns with the potential support structure. Below there, we have the 78.6% Fibo aligning with the neckline of the W-formation:
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