USDCHF begins with strong decline – Analysis - 30-12-2016

The USDCHF pair traded with strong negativity by today's opening to touch 50% Fibonacci correction level for the rise measured from 0.9783 to 1.0341, and the price bounced quickly to the upside, hinting the price attempt to recover and regain the main bullish trend.

Therefore, we expect to witness more rise in the upcoming sessions supported by stochastic positivity, and the price needs to breach 1.0210 followed by 1.0260 levels to confirm the continuation of the expected bullish trend, which its main targets begin at 1.0326 and extend to 1.0450, noting that failing to breach the mentioned levels will push the price to achieve more bearish correction.

Expected trading range for today is between 1.0128 support and 1.0326 resistance.

Expected trend for today: Bullish