The USDCHF tests the support base – Analysis - 22-05-2023

The USDCHF pair bounced downwards clearly after finding solid resistance at 0.9055, to test the support base formed at 0.8965 after breaching it previously, noticing that the price consolidates above this level, as it meets the correctional bullish channel’s support line, accompanied by stochastic reach to the oversold areas.

Therefore, these factors encourage us to suggest the bullish bias for the upcoming period, noting that the expected targets begin at 0.9055 and extend to 0.9130 after surpassing the previous level, noting that breaking 0.8965 will stop the expected rise and press on the price to return to the main bearish track again.

The expected trading range for today is between 0.8920 support and 0.9060 resistance.

The expected trend for today: Bullish