Morning Report

The Dollar versus Swissy was limited at the 23.6% correction to reverse to the downside and maintain trading near 1.0335. We expect the pair to continue the decline; targeting 1.0000, after confirming the breakout of 1.0300. However, note the bullish signs on the stochastic indicator, which may result in volatility and push the pair towards the key resistance of the downside channel at 1.0380, before reversing back to the downside. The 1.0550 level remains intact is crucial for the decline to continue.

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 selling the pair from 1.0380 to 1.0275 and stop loss above 1.0475 might be appropriate.