Morning Report

The Dollar versus Swissy reversed from the 1.0450 level, as expected yesterday to decline towards the key support of the downside channel at 1.0275. The oversold signals seen on momentum indicators make us believe the pair is to correct to the upside towards 1.0325 – 1.0350, before reversing back to the downside to continue the short term downtrend, as far as 1.0420 remains intact.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0700

The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600

RecommendationBased on the charts and explanations above, our opinion is buying the pair from 1.0275 to 1.0350 and stop loss below 1.0220 might be appropriate.