The USD/CHF pair is currently experiencing fresh negative trades, settling below the 0.8630 level. Notably, there is an emerging potential double top pattern on the chart, indicating a possible trend reversal to the downside. However, conflicting technical factors advise caution, and it is prudent to await clearer signals for the next trend direction.
It’s crucial to observe the support level at 0.8605, as a break below this level would confirm the formation of the mentioned double top pattern, potentially leading the price to revert to the primary bearish trajectory. In such a scenario, the pair may target negative objectives starting at 0.8515 and extending to 0.8390. On the contrary, breaching the resistance at 0.8670 would propel the price to attain new gains, reaching 0.8800, followed by 0.8855.
Today’s anticipated trading range is expected to fluctuate between the support at 0.8540 and the resistance at 0.8690. The overall trend outlook for today remains neutral, with a preference to await clearer signals before taking a definitive stance. Traders are advised to monitor the developments closely for potential trend confirmation.