The dollar versus swissy rushed to the upside after the major support level at 1.0550 was strongly resilient in front of the continuous downside breach attempts, but the incline stopped at level 1.0705, which keeps the short term decline intact. The effect of the bullish pattern, which appeared yesterday evening, is supposed to end after achieving its targets at the mentioned resistance level. Thus, we await a downside move for today, supported by negative signs which appear clearly on the Stochastic. The next target is attacking the key support level at 1.0550 again, and attempt to assure the general direction's change to the downside. The 1.0700 should remain intact for the downside wave to prevail.
The trading range for today is among the key support at 1.0300 and the key resistance at 1.0915.
The general trend is to the upside (so far) as far as 1.0550 remains intact with targets at 1.2245.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair from 1.0700 To 1.0550 and stop loss above 1.0765, might be appropriate|