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