The USDCHF price under the negative pressure – Forecast today - 05-04-2024

USDCHF Pair Analysis

Expected Scenario

• The USDCHF pair faces additional negative pressure to break the 0.9020 level and attempts to hold below it.
• This may push the price to continue declining and test the bullish channel’s support line around 0.8960 before turning back to rise again.
• The overall positive scenario remains valid as long as the price is above the mentioned support.
• Breaking the support will push the price to start a bearish correction on the intraday basis.
• The price needs to surpass 0.9030 to reinforce the chances of resuming the bullish trend, with its next main target located at 0.9200.

Expected Trading Range

• Between 0.8960 support and 0.9100 resistance.