The USDCHF pair has exhibited a notable downward rebound, leading to a prominent test of the pivotal support level at 0.8775. This development strongly implies the possibility of a potential shift towards a declining trajectory, potentially disrupting the prevailing correctional bullish scenario that has characterized recent trading activities. Consequently, market participants are advised to exercise caution and refrain from trading positions until the price movement definitively confirms its stance relative to the aforementioned level, subsequently offering clear indications of the upcoming direction.
It’s crucial to underscore that a confirmed breach of the 0.8775 support level is likely to propel the price towards negative targets, starting at 0.8720 and extending further to 0.8655. Conversely, should the price manage to consolidate above this level, such a development would serve as a positive factor, potentially ushering in a renewed visit to the 0.8825 level.
For today’s trading session, the anticipated trading range is projected to fluctuate between the support level of 0.8690 and the resistance level of 0.8840. Given the current circumstances, the expected trend for the day leans towards a neutral stance.