The Dollar versus Swissie pair reached the key resistance for the minor bullish channel at 1.0400 before reversing back to the downside within the channel to near the support level at1.0320 which intersects with the 50 MA as seen in the above image. All these signs in addition to the stochastic indicator near an oversold area makes us believe the pair is to incline on the intraday basis targeting 1.0455 noting the possibility of the formation of a bullish technical pattern with a neckline at 1.0390 where we can picture the bullish scenario after the pair reverses from 1.0445 to retest the neckline before targeting 1.0550. This overview remains valid as far as 1.0240 is intact.
The trading range for today is among the key support at 1.0000 and the key resistance at 1.0550
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600
|Recommendation||Based on the charts and explanations above, our opinion is buying the pair from 1.0320 to 1.0445 and stop loss below 1.0240 might be appropriate.|