The GBPCHF has encountered challenges in sustaining its upward momentum, with frequent consolidation below the 1.1420 mark dampening the potential for further gains. This stagnation suggests the possibility of a corrective bearish rebound, as the price appears poised to test the 1.1355 support level.
Further technical indicators reveal that the stochastic oscillator has moved out of overbought territory, adding to the growing downward pressure on the pair. This development hints at a possible decline, with immediate support levels at 1.1320 and 1.1285 in sight.
The anticipated trading range for today is between 1.1320 and 1.1400, with a bearish outlook dominating the short-term trend.
Trend Forecast: Bearish
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