Morning Report

The support for the minor bearish channel held against the dollar versus swissy attempts to move to the downside, especially after attempting a bullish correction, awaited since yesterday. A bearish harmonic pattern formed, shown on the image above, this pattern alongside the support level for the bearish channel (1.0120) makes us expect an intraday upside move for today, reaching possible reversal levels for the mentioned pattern between 1.0250 – 1.0260; in an attempt to gain enough momentum at those levels to support the pair's short bearish direction. The short term bearishtrendwill remain intact if trading remains below 1.0310.

The trading range for today is among the key support at 1.9880 and the key resistance at 1.0450.

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 at 1.0130 and targeting 1.0250 and stop loss below 1.0030, might be appropriate