USDCHF breaches the first resistance – Analysis - 12-12-2018
The USDCHF price breached 0.9900 level and settled above it, which might push the price to test 0.9990 areas before resuming the correctional bearish trend again, but we notice that the EMA50 forms solid resistance barrier against the price’s positive attempts, while stochastic shows clear overbought signals now.
Therefore, we believe that the chances are valid to rebound bearishly and achieve our next negative targets that extend to 0.9835, taking into consideration that rallying to breach 0.9990 and holding above it will stop the correctional bearish trend scenario and leads the price to regain the main bullish trend again.
Expected trading range for today is between 0.9835 support and 0.9990 resistance.
Expected trend for today: Overall Bearish
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