FXstreet.com (Barcelona) - The Dollar fell sharply on Tuesday, from levels around 1.0600, the pair bottomed at 1.0430 on Tuesday's U.S. session, year to date low and has remained trading in a range from 1.0450 to 1.0490 ever since.
According to the ecPulse.com analysis team, the pair's general trend was altered to target 1.000: The dollar versus Swissy pair continued to trade below the 1.0550 pivot level, which altered the general trend to the downside targeting 1.0000. We see the pair is entering an oversold area, as the indicator on momentum indicators, makes us expect a slight upside correction to retest the previously breached 1.0550 level before reversing back to target the above mentioned level. A daily close below 1.0550 is vital for the decline to continue.
Support levels, according to the ecPulse.com analysis team, lie at 1.0450, 1.0400 and 1.037. Resistance levels are 1.0550, 1.0610 and 1.0640.