The USD/CHF pair increased within an up channel, above the uptrend line. Lately, it has shown some overbought signs after failing to approach and reach the channel's upside line. Now, it has dropped below the uptrend line signaling that the upward movement is over and that the sellers could take the lead.
As you can see, USD/CHF has found demand around 0.9202 above 0.9200 psychological level and now it has rebounded. You already know from my analyses that when the price breaks below an uptrend line, it could come back to test and retest it before dropping deeper.
The USD/CHF pair may confirm a larger drop if it declines below 0.9202 immediate low. It could extend its drop as long as it stays under the downtrend line, but only a fall below the near-term low could activate a strong downwards movement.
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