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USD/CHF - Told Ya so

Earlier in the week, I noted an opportunity to fade the USD/CHF. The S80-R60 combination was a guide. As far as price, I was waiting for a rally toward the middle of the previous consolidation range.

The EUR surged with the ECB decision and press conference, and the CHF is tied to the EUR. The USD/CHF fell as anticipated.

(USD/CHF 4H Chart)

Because the 0.8890 high is a lower high, there is downside risk to challenge and break the 0.8777 low from last week. A conservative target for the current swing in the short-term is 0.88. 

The bearish outlook can be stalled if tomorrow's NFP is surprisingly positive and favors the USD. But until a break above 0.8930, the USD/CHF should have a bearish bias.