The USDCHF under the negative pressure – Analysis - 31-10-2019

The USDCHF pair traded with clear negativity yesterday to break 0.9905 level and heads towards testing the key support 0.9836, affected by stochastic negativity, noticing that the recet trades are confined within sideways track between the mentioned support and 0.9990 resistance, which makes us suggest the domination of the sideways bias on the upcoming trades until the price manages to breach one of the mentioned levels.

Note that breaking the mentioned support will press on the price to return to the correctional bearish track that its next target located at 0.9712, while breaching the resistance will lead the price to achieve additional gains that reach 1.0070.

The expected trading range for today is between 0.9820 support and 0.9940 resistance.

The expected trend for today: Sideways