The USD/CHF pair encounters significant resistance as it grapples with breaking through the upper boundary of the bearish channel, clearly visible on the chart. This indicates a potential inclination towards establishing a bearish trajectory on the intraday timeframe. To solidify the bearish sentiment, the price must breach the support level at 0.8785. A successful breach could catalyze negative momentum, setting the stage for a decline towards initial targets at 0.8665, with further downside potential extending to 0.8560.
It is crucial for traders to closely monitor the price action, particularly the 0.8850 level, as a breach beyond this point would nullify the anticipated decline and potentially pave the way for the resumption of a bullish trend.
The expected trading range for the current session is foreseen to fluctuate between the support level at 0.8740 and the resistance level at 0.8870.
Today’s expected trend leans towards a bearish bias, contingent on the successful breach of the aforementioned support level.