The USDCHF achieves strong gains – Analysis - 16-03-2023

The USDCHF pair rallied upwards strongly yesterday to breach 0.9150 and reach 0.9316 direct, noticing that the price finds solid resistance there, accompanied by witnessing clear overbought signals through stochastic, which supports the chances of bouncing bearishly and start bearish wave on the intraday basis.

Therefore, the bearish bias will be expected for today, and breaking 0.9260 will push the price towards 0.9150 followed by 0.9060 levels as next negative targets, noting that breaching 0.9316 will stop the suggested decline and lead the price to achieve more gains on the longer term basis.

The expected trading range for today is between 0.9220 support and 0.9360 resistance.

The expected trend for today: Bearish