USDCHF breaks the support – Analysis - 17-08-2017

The USDCHF pair traded with strong negativity to break 0.9700 level and settles below it, approaching from the minor bullish channel's support that appears on chart, which we believe that it forms bearish flag pattern, which means that breaking this channel's support at 0.9610 will put the price under more negative pressure on the intraday and short term basis.

Therefore, the bearish trend will be suggested in the upcoming sessions unless breaching 0.9700 followed by 0.9765 levels and holding above them, noting that the expected targets begin at 0.9578 and extend to 0.9438.

Expected trading range for today is between 0.9550 support and 0.9700 resistance.

Expected trend for today: Bearish