USD/CHF: middle-term bearish price action?

Both technically and fundamentally, the sentiment of USD/CHF is leaning towards bears. As it can be inferred from the recent price action, a crucial area of resistance lining up with the 50% Fibonacci retracement level has been rejected, which implies that a new bearish wave might be around the corner.

Thus, we are closely monitoring the price action and looking forward to entering short positions and aiming for the target illustrated on the graph.