The USD/CHF pair demonstrated a notable positive performance in the recent session, successfully breaching the 0.8710 level. However, a closer examination reveals that the latest market movements are confined within a bearish pennant pattern, clearly depicted on the chart. Despite the breach, the price remains under persistent downward pressure, characterized by the influence of the EMA50. Additionally, stochastic indicators are displaying negative signals.
In light of these observations, we are inclined to propose a resumption of the bearish trend in the forthcoming sessions. It’s crucial to note that the potential targets for this downward movement commence at 0.8660, followed by 0.8600. To validate this bearish outlook, it is imperative for the price to maintain levels below 0.8745.
The projected trading range for the day is anticipated to fluctuate between the support at 0.8650 and the resistance at 0.8780.
Expected Technical Trend for Today: Bearish