USDCHF begins bearish correction – Analysis - 19-11-2018

The USDCHF price traded with clear negativity in the previous sessions to break the bullish channel’s support line that appears on the chart, and it begins bearish correction for the rise measured from 0.9542 to 1.0127, settling now at 23.6% Fibonacci correction level that forms good support at 0.9990, noticing that there is a contradiction between stochastic positivity and the negative pressure formed by the EMA50.

Therefore, we prefer staying aside temporarily until the price confirms its next destination clearly, noting that breaking 0.9990 will push the price to extend its bearish correction towards 0.9900 as a next target, while breaching 1.0055 will stop the current negative pressure and lead the price to regain the main bullish trend that its next target located at 1.0170.

Expected trading range for today is between 0.9920 support and 1.0100 resistance.

Expected trend for today: Neutral