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The USDCHF price has made additional positive movements, retesting the broken neckline of the head and shoulders pattern identified on the chart. This level is reinforced by the 50-day Exponential Moving Average (EMA), while the stochastic indicator currently shows clear overbought conditions.
Given these factors, it is anticipated that the bearish trend will resume, with the next target set at 0.8780. It is crucial for the price to remain below 0.8885 to sustain this expected decline.
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Today’s trading range is projected to be between a support level of 0.8790 and a resistance level of 0.8920.
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Trend Forecast: Bearish
