USD/CHF has broken down to see marginal breach of the 0.9089 swing low following last week’s completion of a bull trap. • The rebound from 0.9089 to 0.9300 completed the correction of the decline from the 0.9596 January swing high, setting the stage for fresh trend weakness. • While 0.9263/0.9300 caps, the risk is seen for sustained loss of 0.9089, a break which should see the bear run extend towards psychological 0.9000 then the 200 day moving average (currently at 0.8767) ahead of a reaction low at 0.8568 further out. • Re-capture of 0.9300 would suggest basing, although broken support at 0.9407 would need to be ... (full story)