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The USDCHF price has returned to test the EMA50, which is proving to be a strong resistance level. The bearish trend remains valid as long as the price holds below 0.9014, with the next major target set at 0.8885. This level corresponds to the 38.2% Fibonacci retracement level of the entire rise from 0.8332 to 0.9224. A breakthrough below 0.8885 could extend the bearish momentum towards 0.8780.
Conversely, breaking above 0.9014 would invalidate the bearish scenario, potentially prompting a move to reclaim the main bullish trend.
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Today’s expected trading range is between support at 0.8880 and resistance at 0.9014.
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Trend Forecast: Bearish
