USDCHF approaches from the target – Analysis - 23-03-2017

The USDCHF pair continues its decline yesterday to approach from our main waited target at 0.9859, noticing that the price shows some bullish bias after hitting the bearish channel’s support that appears in the image, while stochastic loses its positive momentum gradually approaching from the overbought levels.

Therefore, we keep preferring the overall bearish trend, which gets continuous support from the EMA50, pointing that breaking 0.9859 level will extend the bearish wave to reach 0.9700 as a next main station, while the bearish trend will remain active unless breaching 0.9973 then 1.0010 levels and holding above it.

Expected trading range for today is between 0.9859 support and 0.9973 resistance.

Expected trend for today: Bearish