USDCHF within negative pattern – Analysis - 11-01-2017

The USDCHF pair shows some bullish bias after pushing on 1.0128 yesterday, to start testing the EMA50, which meets the bearish pennant's resistance that its signs appear on chart, accompanied by stochastic entering the overbought areas, which supports the chances of bouncing bearishly to head towards the mentioned pattern's support at 1.0115, noting that breaking this level will provide good negative motive that supports the continuation of the expected bearish trend on the intraday basis.

Therefore, we believe that the chances are valid to trade negatively in the upcoming sessions, waiting to target 0.9996 level mainly, reminding you that it is important to hold below 1.0210 to continue the expected bearish trend.

Expected trading range for today is between 1.0060 support and 1.0210 resistance.

Expected trend for today: Bearish