USDCHF at the critical support – Analysis - 25-02-2019

The USDCHF pair continues to fluctuate at the key support 0.9990, and as we mentioned in our last report, this level represents the neckline of a negative pattern represented by the head and shoulders’ that its signs appear on the chart, which means that breaking it will put the price under negative pressure that targets 0.9900 level direct.

The EMA50 forms negative pressure against the price to threat the recently suggested positive scenario, which makes us prefer staying aside until the price confirms its situation according to 0.9990 support and 1.0025 resistance, noting that breaching this resistance will cancel the suggested negative formation and push the price to regain the bullish trend that its next target located at 1.0128.

The expected trading range for today is between 0.9940 support and 1.0060 resistance.

The expected trend for today: Neutral