USDCHF approaches the target – Analysis - 07-09-2018

The USDCHF pair traded with clear negativity yesterday to approach our waited target at 0.9620, reinforcing the expectations of continuing the bearish trend on the intraday and short term basis, noting that the mentioned level represents 50% Fibonacci correction level for the rise from 0.9186 to 1.0055, which means that breaking it will extend the bearish wave to reach 0.9518 as a next station.

The EMA50 keeps pressing negatively on the price, to continue suggesting the bearish trend for today conditioned by the price stability below 0.9720 – 0.9765 levels.

Expected trading range for today is between 0.9570 support and 0.9700 resistance.

Expected trend for today: Bearish