FXS has exhibited a distinct bearish trend over the course of the previous month. Following the breach of the lower channel support, its price descended precisely to the channel's bottom. However, it displayed a favorable response near the $6 price level, indicating potential signs of a trend reversal in the daily timeframe. This retracement can be interpreted as a corrective wave within the ongoing downtrend. Nonetheless, the support at $6 is expected to hold due to the robust reaction observed in the past when approaching this level. A potential rebound could result in a positive response within the $6.60 range. Consequently, the short-term and medium-term targets for this currency can be identified within the price ranges of $7.95, $8.25, $9.10, and $9.65.
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