The USD/CHF currency pair is rolling back after a successful attempt to break the Fibonacci 61.8 correction level. Nevertheless, the viewpoint at the pair remains bearish as it is still in a downtrend.
Earlier in a 4-hour graph the USD/CHF formed a Shooting Star candlestick, indicating downside movement confirmed further.
This candlestick shows that the pair demonstrated upside movement during several days, however, it rebounded after an unsuccessful attempt to break the 0.8946 level. At the next attempt of the bulls to fixate above 0.8747 the bears started to increase their influence and formed this candlestick.
The downside movement is also supported by the fact that the downtrend remains.
Break of the support level 0.8747 proved this point of view. Successful break of the 0.8458 level, which is the Fibonacci projection level 61.8 from 0.9342 to 0.8552 on 0.8946, targeted the pair to 0.8350.
Stop Loss should be placed slightly above 0.8747 as the break of this level will target the pair to 0.8893.
