By examining the daily chart of the USDCHF pair, we can easily notice that prices have traced lowers highs after placing the important short-term top of 1.0130.
This top has capped the bullish recovery started from 0.8300 regions and was followed by weak momentum.
Adding Fibonacci retracement to the aforesaid recovery shows that, traders succeeded in breaching through 38.2% Fibonacci retracement level at 0.94630 after clearing the classical support of 0.9480.
The consecutive breakouts brought the bearish picture back into focus, while Ribbons lines –EMA20 to EMA55- has covered the USDCHF pair from the topside along with negative crossover on Know Sure Thing indicator.
Eyes are now on 0.9215-50% Fibonacci- as a break below it will trigger panic sell-off actions, aiming to reach 61.8% at 0.90 psychological.