#USDCHF possible bullish scenario

Price is currently testing the lower boundary of a daily bearish channel, the 1 FIB extension level, and a long-term support area. This supportive cluster could potentially lead to the formation of a low around this price level.

On the other hand, the bearish move in price appears to be a corrective bearish ABC move, correcting approximately 61.8% to 78.6% from the previous bullish move.

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Comment:

Price is breaking below a bearish channel line and as a result failing the analysis

Comment:

The fact that yesterday, after a break below the channel, the price retraced and formed a bullish hammer candlestick pattern near a very important support could potentially mean that the bearish breakout was a false breakout and adds to the possibility of a bullish move.

Also for more conservative scenario you can wait for a possible bullish breakout of this short term bearish trendline.

Comment:

Seems like price finally is breaking above this short term bearish trendline and as a result we might see a bullish follow-trough.

Comment:

Price is finally breaking above a range area as a result of high impact news release and now we can expect price to begin its bullish move.

Comment:

a very nice pullback to the broken short term bearish trendline. if price holds above this trendline we can expect price to rise even further.