The USD/CHF pair has resumed its bearish trajectory, exhibiting a bearish bounce after testing the 0.8710 level in recent sessions. This reinforces the anticipated continuation of the bearish trend in the intraday and short-term perspectives. It’s important to note that the primary target for this downward movement is set at 0.8552.
The Exponential Moving Average (EMA50) remains a supportive factor for the envisioned bearish wave. This outlook holds unless the pair manages to breach the resistance levels around 0.8710 – 0.8750 and sustains levels above them.
The projected trading range for the current session is anticipated to fluctuate between the support at 0.8590 and the resistance at 0.8710.
In summary, the prevailing trend for today leans bearish, with the potential target set at 0.8552. Traders are advised to monitor key resistance levels for any potential shift in the current trend.