Today’s losses against the Swiss franc have taken USD/CHF pricing to a key long-term technical level. Following Tuesday’s breakout north, bearish sentiment has crept back into the market dynamic. At least for now, the USD/CHF is trading slightly beneath 2018’s 38% retracement level (.9732).One look at the USD/CHF daily chart gives us a good idea of the current market conditions. We are in the midst of a sideways consolidation phase, forming a pronounced “L” pattern. The bearish trend of August is being challenged — can price be sustained above 2018’s 38% retracement level (.9732)?