The USDCHF within negative pattern – Analysis - 21-03-2023

The USDCHF pair’s recent trades are confined within descending triangle’s pattern that appears on the chart, its support line located at 0.9235, thus, the price needs to break this level to confirm the continuation of the expected bearish trend on the intraday basis followed by opening the way to head towards our negative targets that start at 0.9150 and extend to 0.9060.

Therefore, we will continue to suggest the bearish trend for the upcoming period, and the price needs to hold below 0.9316 to guarantee the continuation of the negative scenario, as breaching it will push the price to start new bullish wave that targets 0.9475 areas on the near term basis.

The expected trading range for today is between 0.9200 support and 0.9330 resistance.

The expected trend for today: Bearish