A fall continuation is likely.

On the 4-hour chart, the price remains near a crossover between the 50% arc and the critical level of 1.0000. Its breakdown would allow the pair to fall lower, towards 0.9927 (100% correction for the short-term trend) and 0.9915 (38.2% correction for the medium-term trend). A price reverse and a breakout of the level of 1.0083 (50% correction) and the 61.8% fan line would allow the pair to grow to 1.0120 (38.2% correction), 1.0166 (23.6% correction) and 1.0240.

On the daily chart, the price consolidated below the level of 1.0060 (23.6% correction) that allows the pair to continue falling towards 0.9915 (38.2% correction). The ascending 61.8% fan line acts as an additional support to the price. An upward correction could be possible after a breakout of the level of 1.0060. The price will then head towards 1.0240 and 1.0296.

Trading tips

Sell the pair below the level of 1.0000 with the target at 0.9927 and stop-loss at 1.0040.

Alternative scenario

Buy the pair after the breakout of the level of 1.0083 with targets at 1.0120, 1.0166, 1.0240 and stop-loss at 1.0030.

USD/CHF: Fibonacci analysis

USD/CHF: Fibonacci analysis




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