#USDCHF @ 0.89850 bulls and bears battle it out below trendline resistance.
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- USD/CHF bulls and bears battle it out below trendline resistance.
- From a 4-hour perspective, 0.9020, 0.9060 and 0.9120 are key milestones.
As per the prior analysis, USD/CHF Price Analysis: Bullish correction eyed, but bears to commit below 0.9150, the bears moved into the market following the correction and the following will illustrate that a downside bias still remains.
Meanwhile, the daily chart showed that the bears had broken structure as follows:
The bears were meeting prior support of 0.9060 and had pierced the level to 0.9055. It was argued that a correction could be due but explained that once the bears committed below 0.9150, the likelihood would be for a downside continuation as per the weekly support area.
As illustrated, the price has continued lower as forecasted, and given that it remains on the front side of the downtrend, the bais stays bearish for the foreseeable future:
With that being said, there is still room for the upside into the trendline resistance.
From a 4-hour perspective, 0.9020, 0.9060 and 0.9120 are key milestones.
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