USDCHF breaks the support – Analysis - 16-01-2018

The USDCHF pair succeeded to break 0.9656 level and hold with a daily close below it, which confirms opening the way to extend the bearish wave towards our yesterday's mentioned next target at 0.9566, noticing that the price approaches retesting the broken level now.

Therefore, we are waiting for more decline in the upcoming sessions, noting that breaching 0.9656 might push the price to achieve some intraday gains and test the key resistance areas that start at 0.9730 and might extend to 0.9800 before any new attempt to decline.

Expected trading range for today is between 0.9570 support and 0.9680 resistance.

Expected trend for today: Bearish