USDCHF breaks the channel’s support – Analysis - 09-07-2018

The USDCHF pair pushed negatively on the intraday bullish channel’s support line to break it and settle below it, which hints the price head to decline in the upcoming sessions, noting that breaking 0.9850 will open the way to start bearish correction that targets 0.9723 areas initially.

On the other hand, stochastic shows oversold signals that might assist to push the price to rise again, noting that breaching 0.9925 is required to bring the price back to the bullish track.

Therefore, we prefer staying aside until we get a clearer signal for the next trend, which we will get through breaching 0.9925 resistance or breaking 0.9850 support.

Expected trading range for today is between 0.9800 support and 0.9950 resistance.

Expected trend for today: Depends on the above mentioned levels