USDCHF loses momentum – Analysis - 03-02-2017

The USDCHF pair found solid support at 0.9864, which pushed the price to rise again and settle above 0.9915, which might carry the price to test the bearish channel's resistance that appears on chart, noticing that the EMA50 keeps pushing negatively on the price, while stochastic reaches the overbought areas.

Therefore, these factors encourage us to continue suggesting the bearish trend in the upcoming period, which its next main target located at 0.9783, noting that breaching 0.9955 level will complete forming positive formation that will push the price to surpass the bearish channel's resistance and head towards 1.0050 before determining the next destination on the intraday and short term basis.

Expected trading range for today is between 0.9830 support and 1.0000 resistance.

Expected trend for today: Bearish