The EUR/CHF pair has encountered a solid barrier at 0.9500, effectively ending its corrective bullish rebound. This resistance has prompted a shift towards negative trades, with the price recently targeting the 0.9420 level while remaining consolidated within a main bearish channel visible on the chart.
Additionally, the moving average (MA55) is consolidating near the bearish channel’s resistance at 0.9530, further indicating a continuation of trades within the negative trajectory. As a result, we are anticipating a shift towards negative trades for both the near- and medium-term outlook, with initial targets set around 0.9380 and 0.9330.
The expected trading range for today is between a support level of 0.9380 and a resistance level of 0.9485.
Trend Forecast: Bearish
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