USDCHF completes negative formation – Analysis - 12-10-2017

The USDCHF pair continued its decline to confirm completing rising wedge pattern that its signs appear on chart, which stops the recently suggested positive scenario and put the price under more potential negative pressure, especially after moving below the EMA50 that turns to push negatively on the price.

Therefore, the bearish trend will be suggested in the upcoming sessions, and breaking 0.9700 level will confirm extending the bearish wave towards 0.9625 followed by 0.9578 that represent our next main targets, taking into consideration that breaching 0.9770 will stop the current negative pressure and push the price to rise again.

Expected trading range for today is between 0.9625 support and 0.9770 resistance.

Expected trend for today: Bearish