Morning Report

The Dollar versus Swissy failed to breach the pivot support at 1.0245 resulting in a rebound to the upside to trade within the minor descending channel, as it nears the resistance level at 1.0330. We still believe the pair is to decline on the short term waiting for a reversal from the mentioned resistance level, in an attempt to breach the pivot support at 1.0245 and open the way towards 1.0000 on the short term. This decline is valid as far as 1.0370 remains 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

RecommendationBased on the charts and explanations above, our opinion is selling the pair from 1.0330 to 1.0245 and stop loss above 1.0390 might be appropriate.