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The USDCHF price exhibited strong bearish sentiment yesterday, successfully reaching and surpassing our anticipated target at 0.8885. The daily candlestick closed below this level, confirming an extension of the correctional bearish trend with a new target set at 0.8780.
As a result, further declines are expected in the near term. However, breaking above 0.8885 would alleviate the current downward pressure and initiate potential recovery attempts on an intraday basis.
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Today’s expected trading range is between support at 0.8760 and resistance at 0.8900.
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Trend Forecast: Bearish
