The USDCHF price presses on the channel’s support line – Forecast today - 21-03-2024

The USDCHF pair faced negative pressure yesterday to reach the bullish channel’s support line that appears on the chart, starting today with additional decline in attempt to break this support, which hints heading to exit this channel and start bearish correction on the intraday basis, but we notice that the technical indicators provide positive signals that might protect the price from suffering more losses.

Now, we prefer to stay aside until the price confirms its situation according to 0.8850 level, as breaking it will push the price to achieve bearish correction that its first target located at 0.8780 and extend to 0.8695 after breaking the previous level, while consolidating above it will lead the price to resume the main bullish trend and achieve gains that start by visiting 0.9000 barrier.

The expected trading range for today is between 0.8770 support and 0.8930 resistance.

Trend forecast: Neutral