The EURCHF pair embarked on a corrective bullish rebound on the preceding day, rallying subsequent to its interaction with the 0.9420 level. This marked a preliminary effort to recuperate some prior losses and charted a course toward 0.9515. It is crucial to closely observe price dynamics once the pair approaches the 0.9540 resistance level, as it will serve as a pivotal determinant for future trading trends.
Should the aforementioned barrier hold firm, it is likely to prompt the pair into a phase of lateral consolidation, as it accumulates additional downward momentum, potentially paving the way for a renewed descent. Such a scenario would see the pair making gradual progress towards 0.9640, with aspirations of breaching the 0.9420 support in the process, ultimately extending its negative trajectory in the forthcoming period.
The projected trading range for today spans from 0.9535 to 0.9460.
Anticipated Direction for the Day: Bearish