The USD/CHF pair is currently demonstrating a prevailing bullish bias, signaling an attempt at price recovery. However, the upward movement encounters resistance from the EMA50, hindering further ascent. Additionally, the stochastic indicator shows a loss of positive momentum.
In light of these factors, a bearish outlook is anticipated for the day. The initial targets for potential downward movement involve breaking the support level at 0.8710, paving the way for a descent towards 0.8660, followed by 0.8600. It is crucial to observe that breaching the resistance at 0.8765 could shift the balance, allowing the price to test a significant resistance level at 0.8810 before any renewed attempts at a decline.
The projected trading range for the day is anticipated to fluctuate between the support level at 0.8670 and the resistance level at 0.8800.
Expected Trend for Today: Bearish