The USDCHF pair resumed its bearish trajectory as it edges closer to our anticipated target at 0.8885. It’s worth noting that the pair’s movement within a bearish channel augments the likelihood of surpassing the aforementioned level and, subsequently, paves the way for additional downside objectives, with 0.8810 emerging as a feasible target.
Consequently, the bearish outlook remains our preference for the foreseeable period, underpinned by the persistent downward pressure sustained by the EMA50. It is essential to maintain a position below 0.8968 to sustain the anticipated downward trend.
The envisaged trading range for today is expected to extend from the support at 0.8830 to the resistance at 0.8960.
Anticipated Direction for the Day: Bearish