FX.co ★ USDCHF short-term view.

USDCHF is trading around 0.9258, in the near term price has made no real progress as it continues to trade between 0.9195 and 0.9260 since December 6th. USDCHF is in a corrective phase with no clear trend after the sharp decline from 0.9367 to 0.9156.

Orange line - major support

Black lines - Fibonacci retracements

USDCHF has the potential to move towards the 61.8% Fibonacci retracement as long as price is trading above 0.9195. Medium-term trend remains bullish as long as price holds above the orange trend line support now found at 0.9135. If price breaks above 0.9290 we should next expect price to continue higher towards 0.9325. In general price remains support in a medium-term bullish trend as long as price is holding 0.9135, however at current levels I prefer to be neutral as I believe there are a lot of chances we see a strong breakdown below 0.91 over the coming weeks.