The USDCHF under the negative pressure – Analysis - 06-06-2023

The USDCHF pair traded with strong negativity yesterday to attack 0.9055 level and attempts to confirm breaking it, to hint the attempt to stop the bullish correction and head to resume the main bearish trend again, but we notice that the technical indicators provide positive signals that might protect the price from suffering more losses and return to rise.

Therefore, the contradiction between the technical factors makes us prefer to stay aside until the price confirms its situation according to 0.9055 level, noting that confirming breaking it will push the price to decline towards 0.8965 areas initially, while consolidating above it represents the key to resume the bullish wave that targets testing 0.9130 as a next station.

The expected trading range for today is between 0.8970 support and 0.9140 resistance.

The expected trend for today: Neutral