The USDCHF price reaches the major support – Forecast today - 08-04-2024

USDCHF Price Analysis

Expected Scenario

• The USDCHF pair provided new negative trades to approach the main bullish channel’s support line. However, the price begins to provide positive trades, hinting at a potential resumption of the main bullish trend in the upcoming sessions, keeping our positive overview that targets 0.9200 areas as the next main station.
• Holding above 0.8990 represents a major condition for the continuation of the expected rise, as breaking it will push the price to exit the bullish channel and start a bearish correction for the bullish wave that started from 0.8332 areas.

Expected Outcome

The USDCHF pair is showing signs of potential resumption of the main bullish trend, with a target at 0.9200 areas. It is crucial for the price to hold above 0.8990 for the continuation of the expected rise. However, breaking below this level could signal an exit from the bullish channel and initiate a bearish correction.

Expected Trading Range

Between 0.8970 support and 0.9100 resistance.