After a shallow pullback USD/CHF moves downwards further.
As it was pointed earlier, on a 4-hour chart, USD/CHF formed the combination of candles “Doji”, which signaled about a downtrend. This combination shaped after that the currency pair had not managed to break the mark of 1.1674, and after that the bears started to rule.
In addition, USD/CHF broke the correction level Fibonacci of 23.6. This successful breakout confirmed that this viewpoint is correct. It is expected that the breach of this mark will lead to a decline to the next support level of 1.1271 with next target to Fibonacci correction level of 61.8.
Non-confirmed concerns that there are ‘buy’ orders in the area of 1.1271 have appeared on the market. Therefore, an upward rebound is likely to be expected at the approach to this mark.
However, stop orders should be placed a bit above 1.1674, as the breach of this level will lead to new highs.