The USD/CHF currency pair struggled to maintain its position above 0.9066 for an extended period and has consequently resumed its corrective bearish trajectory. This return to the established bearish channel on the chart has set the stage for further negative movements, with initial downside targets beginning at 0.8968 and potentially extending to 0.8890 after breaking the preceding level.
In light of these developments, expectations for the upcoming trading sessions lean towards witnessing additional declines, backed by the negative pressure exerted by the EMA50 unless the price manages to rally and surpass the critical level at 0.9066, maintaining its position above it.
For today’s trading outlook, the anticipated range spans from the support level at 0.8940 to the resistance at 0.9090. The prevailing trend for the day is bearish as the pair remains poised to extend its decline in the absence of a significant shift in the market dynamics.