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USDCHF Price Forecast for June 12, 2024

Expected Scenario: The USDCHF price has been oscillating around the EMA50, with a narrow trading range dominating recent market activity. As such, we maintain a neutral stance until a decisive move occurs.

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Key Levels to Watch: Our neutrality persists until the price demonstrates a clear breach of either the 0.9014 resistance level or the 0.8945 support level, providing a definitive signal for the next directional move.

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Bearish Scenario: Should the price break below the aforementioned support level at 0.8945, it would likely trigger a resumption of the corrective bearish trend. Downside targets in this scenario would be at 0.8885 and 0.8780.

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Bullish Scenario: Conversely, a breach of the resistance level at 0.9014 would signify a potential reversal to the main bullish trend. In such a scenario, upward targets could be anticipated, starting at 0.9135 and extending to 0.9224.

Expected Trading Range: We anticipate the USDCHF price to fluctuate within a range bounded by the 0.8900 support level and the 0.9050 resistance level.

Trend Forecast: Given the current trading dynamics and pending a decisive breakout, the trend forecast for USDCHF remains neutral. Traders are advised to monitor price action closely for confirmation of a new trend direction.

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