FX.co ★ USDCHF major rejection at key Fibonacci level.

USDCHF is trading around 0.92. Yesterday price reached the 61.8% Fibonacci retracement as expected by our previous posts. The 0.9290 level was important Fibonacci retracement level. Price got rejected at this key resistance and lost nearly 100 pips. A break below 0.9187 would be a new bearish signal.

Orange line- key support trend line

USDCHF current price action is not supportive for bulls. The rejection at the 61.8% Fibonacci level if combined with a decline below 0.91, it would be a major bearish signal. Confirmation of trend change on a Daily basis will come when and if price breaks below the orange support trend line. So far price has formed a lower high at yesterday's highs. Bulls do not want to see lower lows as this will accelerate the decline.