FX.co ★ USDCHF Potential for Bearish Drop | 16th January 2023

Looking at the H4 chart, my overall bias for USDCHF is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. If the current bearish trend continues, expect the price to possibly head back down to retest the 1st support at 0.92358, where the 61.8% Fibonacci line is. In an alternative scenario, price could possibly head towards the 1st resistance at 0.93475, where the 78.6% Fibonacci line is.