The EUR/CHF currency pair has encountered renewed downward pressure, leading to a break below the critical support level at 0.9530 and initiating a fresh bearish move, with prices touching 0.9455.
Of note, the 55-day moving average (MA55) has dipped beneath the resistance at 0.9690, while the stochastic indicator is in the process of approaching oversold levels. These factors lend support to the prevailing negative sentiment, indicating the potential for a further accumulation of bearish momentum. This may facilitate a continuation of the pair’s decline, with new downside targets coming into focus. The pair could extend its losses towards 0.9410, followed by 0.9340.
For today’s trading outlook, it is prudent to consider a trading range between 0.9520 and 0.9410. The overarching trend for the day is expected to be bearish.