USDCHF hits the waited target – Analysis - 23-11-2017

The USDCHF pair succeeded to reach to our waited target at 0.9800 and settles there, which represents 38.2% Fibonacci correction level for the rise that measured from 0.9420 to 1.0038, accompanied with stochastic move within the oversold levels, to form positive motive that might protect the price from suffering more of the losses.

On the other hand, the EMA50 forms continuous negative pressure against the price, which might push the trading to break the mentioned level then extend the bearish wave to 0.9730 as a next correctional target.

Therefore, we prefer staying aside now in order to monitor the price behavior according to the critical levels that represented by 0.9800 support and 0.9892 resistance, waiting for breaching one of them to detect the next trend clearly.

Expected trading range for today is between 0.9730 support and 0.9892 resistance.

Expected trend for today: Depends on the above mentioned levels