The USDCHF achieves some gains – Analysis - 10-07-2020

The USDCHF pair traded positively yesterday to test the intraday bearish channel’s resistance that appears on the chart, and the EMA50 meets this resistance to add more strength to it, while stochastic shows clear overbought signals now.

Therefore, these factors encourage us to suggest bearish rebound to resume the expected bearish trend on the intraday and short term basis, which its targets begin at 0.9351 and extend to 0.9275, while the suggested decline will remain valid unless breaching 0.9456 and holding above it.

The expected trading range for today is between 0.9350 support and 0.9480 resistance.

The expected trend for today: Bearish