The USDCHF hits the target – Analysis - 19-05-2023

The USDCHF pair rallied upwards strongly yesterday to surpass the bearish channel’s resistance and touch our waited target at 0.9055, which represents 38.2% Fibonacci correction level for the decline measured from 0.9439 to 0.8820, which means that breaching this level will push the price to head towards the next correctional level at 0.9130.

The bullish channel supports the chances of continuing the rise in the upcoming sessions, besides the positive support provided by the EMA50, to continue suggesting the bullish trend for the upcoming period unless breaking 0.9020 and holding below it, as breaking it will push the price to test 0.8965 initially, followed by attempting to return to the main bearish trend again.

The expected trading range for today is between 0.8980 support and 0.9140 resistance.

The expected trend for today: Bullish