The USDCHF pair’s positive attempts stopped when the price found solid resistance at 0.9676, which hints that the price is on its way to resume the bearish trend suggested in our previous reports, while yesterday’s expected rise stopped at this limit, as we notice that the recent rise was confined inside the minor bullish channel that appears on chart, which we believe that it forms continuation bearish flag pattern, which means that breaking its support line at 0.9635 will activate the negative effect of this pattern, supporting the chances of continuing the decline on the short term basis.
Therefore, the negative trading will be suggested for the upcoming sessions, supported by stochastic and the EMA50 negativity, and the next target is located at 0.9474, while the bearish trend will remain valid and active unless breaching 0.9676 level and holding above it.
Expected trading range for today is between 0.9525 support and 0.9676 resistance.
Expected trend for today: Bearish
Origin: Economies
