USDCHF attempts positively – Analysis - 21-03-2017

The USDCHF pair fluctuates around 0.9973 level since yesterday, showing some slight bullish bias, noticing that the last rise is confined inside a minor rising wedge pattern that appears on chart, which means that breaking its support line at 0.9965 will activate the negative effect of this pattern followed by pushing the price to head towards our main waited target at 0.9859.

The EMA50 keeps pushing negatively on the price, while stochastic shows negative signals on the four hours' time frame, therefore, these factors support the chances of breaking the above mentioned support followed by resuming the expected bearish on the intraday and short term basis, which will remain valid and active unless breaching 1.0043 level and holding above it.

Expected trading range for today is between 0.9900 support and 1.0025 resistance.

Expected trend for today: Bearish