Morning Report

The dollar versus sissy continues its trading within the secondary descending channel shown above, and currently approaching the minor support at 1.0270 accompanied by Stochastic entering overbought areas, which might cause fluctuations around the mentioned support level in an attempt to breach the short term trend. The support levels in need of monitoring during the pair’s downside wave start from 1.0270 followed by 1.0245 as we expect the pair to continue swiftly south after breaching those levels heading towards the initial target for the short term downside trend around 1.0000. For the expected downside move today to prevail 1.0385 resistance needs to remain 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 selling the pair with the breach of 1.0245 to 1.0135 and stop loss above 1.0300 might be appropriate