The USDCHF currency pair has successfully reached the anticipated target at 0.8885 and, upon doing so, found substantial support. Consequently, a bullish bias has emerged, and the pair is making efforts to recover. However, it is worth noting that the stochastic indicator is currently displaying clear negative signals, which could act as a catalyst for the resumption of the corrective bearish trend. The subsequent target for this bearish correction is situated at 0.8810.
It is crucial to monitor whether the price can defy the negative signals and initiate a rally that leads to a breach of 0.8968, subsequently securing a position above this level. Such a move is necessary for the bearish trend scenario to be invalidated.
For today, the expected trading range is bounded by support at 0.8850 and resistance at 0.8990.
The outlook for the day remains inclined toward a bearish trend, given the prevailing mixed signals and the price’s recent touch of the 0.8885 support-turned-resistance level.