The USDCHF pair experienced further declines in recent sessions, edging closer to the newly established target at 0.8300. Notably, the price exhibited a bullish rebound, settling above 0.8400. However, this appears to be a temporary shift as the dominant trend remains bearish in both short-term and medium-term perspectives, as indicated by the bearish channel on the chart.
It’s crucial to monitor the 0.8500 level closely, as a breach could trigger a bullish wave, leading to potential intraday corrective gains before resuming the overall downtrend.
Today’s expected trading range is positioned between the support level at 0.8335 and the resistance level at 0.8480.
The anticipated trend for today remains bearish.