USD/CHF is making a move to the upside in a correction of the monthly supply. Daily chart offers prospects of a short term bearish correction before the next leg higher. USD/CHF is correcting a strong downtrend and the bulls will be looking to be on board with what appears to be a weekly reverse head and shoulders breakout in the making. The following is a top-down analysis of the market that offers potential for some daily consolidation before the next wave to the upside. Bulls may need to be patient at this juncture. Monthly Chart The monthly downtrend has paused and is correcting. On a lower time frame, we can look for setups that would enable the bulls to be involved with an upside extension. Weekly Chart The reverse head and shoulders pattern is clear as day, although the weekly rally may need to correct before a breakout can gather pace towards a 38.2% Fibonacci retracement of the monthly downtrend. D1 Chart The price is expected to pull back to pick up liquidity before making the major breakout to the upside beyond current resistance. At least a 38.2% Fibonacci retracement, or a 50% mean reversion, would meet the criteria in anticipation of bullish conditions. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Wall Street Close: Stocks firm up led by Amazon.com’s Bernstein upgrade FX Street 2 years USD/CHF is making a move to the upside in a correction of the monthly supply. Daily chart offers prospects of a short term bearish correction before the next leg higher. USD/CHF is correcting a strong downtrend and the bulls will be looking to be on board with what appears to be a weekly reverse head and shoulders breakout in the making. The following is a top-down analysis of the market that offers potential for some daily consolidation before the next wave to the upside. Bulls may need to be patient at this juncture. Monthly Chart The monthly downtrend has paused… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.