USDCHF loses momentum – Analysis - 21-08-2017

The USDCHF pair bounced upwards clearly after approaching from 0.9578 level on last Friday, to move inside the minor bullish channel again, but it's still below the EMA50 that forms negative pressure against the price, noticing that stochastic loses its positive momentum to enter the overbought areas.

Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, noting that breaking 0.9578 will open the way to head towards 0.9437 direct, taking into consideration that breaching 0.9700 followed by 0.9765 will stop the expected decline and lead the price to turn to rise.

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

Expected trend for today: Bearish