USDCHF within sideways track – Analysis - 08/03/2016

The 1.0000 level continues to form solid resistance barrier against the USDCHF pair’s attempts to rise, to bounce bearishly and head towards testing the initial key support located at 0.9900, which represents the first protecting factor to the continuation of the recently suggested positive scenario.

Stochastic reaches the oversold areas to support the chances of bouncing bullishly and resume the bullish trend, waiting to breach 1.0000 level to open the way to head towards 1.0130 level as a next main target, reminding you with the importance of holding above 0.9800 level to continue the suggested rise.

Expected trading range for today is between 0.9850 support and 1.0100 resistance.

Expected trend for today: Bullish