USDCHF breaches the initial resistance – Analysis - 08-03-2018

The USDCHF pair traded positively yesterday to breach 0.9415 level and settles above it, to cancel the negative formation mentioned in our last report, and the price is stuck now between the key levels represented by 0.9373 support and 0.9488 resistance, as it needs to breach one of these levels to detect the next destination clearly.

Therefore, we will stay aside until we get clearer signal for the next trend, and the contradiction between the EMA50 positivity and stochastic negativity provides another reason for neutrality, noting that breaching 0.9488 will push the price for more bullish correction that its next target located at 0.9581, while breaking 0.9373 will bring the price back to the main bearish track that its next main target located at 0.9186.

Expected trading range for today is between 0.9360 support and 0.9500 resistance.

Expected trend for today: Depends on the above mentioned levels