USDCHF resumes the decline – Analysis - 27-03-2017

The USDCHF pair bounced lower strongly after approaching from the bearish channel’s resistance that appears in the above chart, to reach the thresholds of the waited main targets at 0.9859, supported by the negative pressure that comes from the EMA50, which supports the chances for breaking the mentioned level to open the way towards the extension of the bearish wave to 0.9700 as a next main station.

Therefore, the bearish bias will be preferred for today, being aware that breaching 0.9973 level will stop the current negative pressure and leads the price to recovery attempts on the intraday and short term basis.

Expected trading range for today is between 0.9800 support and 0.9920 resistance.

Expected trend for today: Bearish