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USDCHF Price Breaches Resistance – July 2, 2024

by Jennifer

USDCHF Price Analysis:

The USDCHF price has continued its upward momentum, successfully breaching the 0.9014 resistance level and closing the daily candlestick above it. This breakout confirms the end of the recent bearish correction phase and signals a resumption of the main bullish trend. The next target for the pair is to achieve gains by testing the 0.9200 barrier.

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The bullish outlook is supported by the price moving above the EMA50, reinforcing the expectation for further upward movement. The bullish trend remains valid as long as the price maintains stability above the 0.9014 level.

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Expected Trading Range:

The anticipated trading range for today is between support at 0.8970 and resistance at 0.9110.

Trend Forecast: Bullish

In summary, the USDCHF pair is forecasted to maintain a bullish trend, driven by recent price actions and technical indicators suggesting continued upward momentum. Traders should monitor the key support and resistance levels closely, as sustained price stability above 0.9014 could further strengthen the bullish scenario towards the 0.9200 target.

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