USD CHF awaits the confirmation – Analysis - 08/02/2016

The USDCHF pair fluctuates around 50% Fibonacci level located at 0.9900, while trading is confined between the next trend keys represented by 0.9800 support and 1.0000 resistance, and as we mentioned in our last report, the price needs to breach one of these levels to detect its next destination clearly, which makes us continue with our neutrality until now.

We remind you that breaching 1.0000 represents good positive factor that supports the attempts of return to the main bullish trend that its next target located at 1.0330, while breaking 0.9800 will push the price to suffer more losses that its targets reach to 0.9676 and might extend to 0.9474 on the near term basis.

Expected trading range for today is between 0.9800 support and 1.0050 resistance.

Expected trend for today: Depends on the above mentioned levels