The USDCHF breaks the support – Analysis - 05-09-2019

The USDCHF pair traded with strong negativity yesterday to break 0.9836 level and close the daily candlestick below it, which opens the way to turn to decline, but we notice that the price begins today with bullish bias and moves above the mentioned level, supported by stochastic positivity, thus, this contradiction between the technical factors makes us prefer staying aside until the price confirms its situation according to the mentioned level.

Note that closing the daily candlestick above 0.9836 will push reactivate the bullish trend scenario that its next main target located at 0.9990, while holding below it will press on the price to achieve more decline that targets 0.9712 areas on the near term basis.

The expected trading range for today is between 0.9760 support and 0.9900 resistance.

The expected trend for today: Neutral