The USDCHF currency pair has successfully reached our previously anticipated target at 0.8968, where it has discovered substantial support. This support has prompted a minor bullish bias, although it’s worth noting that the stochastic indicator is displaying a clear loss of positive momentum. This development suggests the likelihood of the price resuming its downward trajectory, with the objective of breaching the mentioned support level and advancing towards the next downside target at 0.8890.
Hence, the bearish outlook remains valid for the foreseeable future, contingent upon the price’s ability to maintain its position below the 0.9066 level.
The anticipated trading range for today extends from the support level at 0.8910 to the resistance level at 0.9060.
The overall trend for the day is expected to be bearish, based on the current market dynamics.