USDCHF faces the key resistance – Analysis - 08-02-2017

The USDCHF pair rallied higher yesterday to test the critical resistance at 0.9996 and bounced lower from there, accompanied by the negative signals that came from stochastic on the four hours time frame, which supports the chances of resuming the short term bearish trend, waiting for breaking 0.9915 level to confirm opening the way towards extending the bearish wave to 0.9783.

Therefore, we will keep our bearish trend expectations valid in the upcoming sessions unless witnessing clear breach and holding with a daily close above 0.9996.

Expected trading range for today is between 0.9864 support and 0.9996 resistance.

Expected trend for today: Bearish