Today on USDCHF - Daily and H4 charts support Short trades.

On the Daily chart above, we would notice that price has decisively broken below the 1.0600 level, which we've been discussing for a few weeks. Consequently, there is the high probability of price moving further downward. The dollar has been under intense pressure as investors bet on economic recovery through higher yielding currencies. This fundamental perspective only strengthens the validity of the price action seen on our charts. Although - based on the Weekly and Monthly charts - we still have a number of critical support levels that the bears will have to face, the coast is currently clear for a continuous downward price movement.

On the H4 chart above, price has broken the most recent swing low @ 1.0430 (which we've highlighted using the blue broken line) downward. That sustains our bias in favor of a downward price move. The white horizontal line @ 1.0487 highlights the most recent swing high, and as long as price stays below it - in the absence of any new and lower swing high - our bearish or downward bias remains intact.

However, we still need our Hourly charts - using Fibonacci retracement levels and important resistance levels - to seek promising areas to take our Short positions. Price pattern on the Hourly must also be forming lower highs and lower lows. Please note that our aim is to sell a rally in today's down-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.