By: Doug Rosen
The Swissy looks like it is dropping further today. Looking at the weekly chart it is clear that price is steadily falling from the near 50.0 fib level it has recently made and is now falling below the 38.2 fib level.
On the daily chart price has also broken out of an ascending trend line. It also looks to me that price is trying to form a Head & Shoulders pattern too.
On all my lower time frame charts this pair also looking very bearish. Price has fallen below last month's low and is making a Fib on the 4 hour chart and on the hourly chart price is against the 5 ema.
Price did hit the daily M1 pivot, has bounced up and touched a fib level overlapped with the 21 ema has been in consolidation for a bit and now appears it wants to continue dropping.