USDCHF reaches the extended target – Analysis - 15-01-2018

The USDCHF pair broke 0.9730 level strongly and rallied bearishly to reach our next waited target at 0.9656, which represents 61.8% Fibonacci for the rise measured from 0.9420 to 1.0038, which means that breaking it will hint that the price is on its way to suffer more losses on the longer term basis.

Holding below 0.9800 resistance makes us suggest the continuation of the bearish trend in the upcoming period, as our next target is located at 0.9566, noting that breaching the mentioned resistance will lead the price to stop the current correctional bearish pressure and turn back to the main bullish trend again.

Expected trading range for today is between 0.9570 support and 0.9730 resistance.

Expected trend for today: Bearish