The USDCHF pair has been exhibiting lateral movements in recent sessions, indicating a period of consolidation as it awaits a robust positive catalyst to propel prices higher. The anticipated outcome is a resurgence of the bullish trend, with primary targets set at 0.8740, followed by 0.8815 as significant waypoints.
The sustained bullish outlook is supported by the influence of the EMA50 and the completion of an inverted head and shoulders’ pattern in previous sessions. The pivotal level for maintaining this optimistic trajectory is 0.8610, and it is imperative for the pair to remain above this threshold to realize the projected upward targets.
Today’s expected trading range is envisaged to fluctuate between the support level at 0.8610 and the resistance at 0.8750. This range signifies the potential for bullish movements and establishes key levels for traders to monitor throughout the session.
In summary, the overall trend for the day is anticipated to be bullish, contingent on the USDCHF pair maintaining a position above the crucial support level at 0.8610, supported by technical indicators and pattern recognition.