USDCHF tests the channel’s support – Analysis - 17-07-2018

The USDCHF pair traded with clear negativity yesterday to approach testing the intraday bullish channel’s support line that appears on the chart, which forms first protecting factor to the continuation of the recently suggested bullish trend scenario, accompanied by stochastic entering the oversold areas, besides the positive support that the EMA50 continues to provide.

Therefore, these factors encourage us to continue suggesting the overall bullish trend, which its targets begin by breaching 1.0055 to open the way to head towards 1.0170 on the near term basis, noting that breaking 0.9940 will push the price to test 0.9850 areas before any new attempt to rise.

Expected trading range for today is between 0.9900 support and 1.0030 resistance.

Expected trend for today: Bullish