The Swiss pair provided fresh positive trades and attempted to breach the 0.9140 level, but returned to settle below it, which keep the bearish trend scenario active until now, and the price needs to break 0.9100 to confirm heading towards our negative targets that start at 0.9065 followed by 0.8990.
Switzerland will release its CPI for April on Wednesday (6:30 GMT). Inflation remains at low levels, even with the economy showing improvement. The March CPI reading of 0.3% was the highest level in two years, and the consensus for April stands at 0.2%.
The Swiss franc has shown more volatility in recent months that is typical of a safe-haven currency. USDCHF pair jumped 3.84% in March, its highest monthly gain since April 2018. However, the dollar proceeded to cough up most of these gains in April, as the US dollar retreated against most major currencies.
Note that exceeding 0.9140 followed by 0.9160 levels will stop the expected decline and lead the price to turn to rise.
The expected trading range for today is between 0.9065 support and 0.9160 resistance with a bearish outlook.
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