USDCHF faces solid resistance – Analysis - 10-03-2017

The USDCHF pair found difficulty to breach 1.0157 level, to rebound bearishly and approach from the first key support 1.0100, and by taking a deeper look at the chart, we find that the recent bullish wave is confined inside a rising wedge pattern that its signs appear on image, which means that breaking this pattern's support at 1.0100 will put the price under negative pressure that will return to its short term bearish track.

Therefore, we suggest witnessing negative trading in the upcoming sessions, and the expected initial targets begin at 1.0043 and extend to 0.9973, taking into consideration that breaching 1.0157 will stop the suggested negative scenario and push the price to rise again.

Expected trading range for today is between 1.0043 support and 1.0160 resistance.

Expected trend for today: Bearish