The USD/CHF pair is currently displaying a bullish bias, approaching the resistance level at 0.8840. However, stochastic indicators are losing their positive momentum and now show clear negative signals. This suggests a potential resumption of the bearish trend, with the price expected to test and potentially break below 0.8780. A successful breach could pave the way for a decline towards the next corrective target of 0.8675.
Additionally, the formation of a double top pattern on the chart supports the bearish outlook, with potential targets extending to 0.8545, provided the price remains below 0.8885. A break above this level would negate the bearish trend and could lead to a shift in market sentiment.
The expected trading range for today is between 0.8750 (support) and 0.8885 (resistance).
Trend Forecast: Bearish
