The USDCHF pair successfully broke below the critical level at 0.8888 and sustained its position beneath it. This breakthrough signals a negative momentum, reinforcing the likelihood of a continued decline with a target set at 0.8810. It’s important to note that breaching this level would propel the price further down to 0.8710.
The Stochastic indicator shows a clear loss of positive momentum, supporting the anticipated downward movement. However, a breach of 0.8888 could disrupt the expected bearish pressure, leading to a potential recovery.
The EMA50 adds to the downward pressure on the price, maintaining the validity of the projected bearish trend. This outlook remains intact unless there is a breakout above 0.8968, with the price holding above this level.
The expected trading range for today is between support at 0.8880 and resistance at 0.8950.
Today’s trend is expected to be bearish.