The USDCHF touches the resistance – Analysis - 18-05-2023

The USDCHF pair succeeded to breach 0.8965 level yesterday, to trade with clear positivity and touch the main bearish channel’s resistance, which formed the price to rebound bearishly and head for potential test to the support base formed at 0.8965 after breaching it previously, waiting to lean on this level to resume the correctional bullish wave that its next target located at 0.9055.

Stochastic gains the positive momentum clearly, while the EMA50 provides the positive support to the price, which supports the continuation of the expected bullish trend for the upcoming period, noting that breaking 0.8965 followed by 0.8940 levels will stop the suggested rise and push the price to return to the main bearish track.

The expected trading range for today is between 0.8920 support and 0.9060 resistance.

The expected trend for today: Bullish