The resistance level at 1.0295 was able to halt further inclines for the Dollar versus Swissy pair; resulting in a downside correction to retest the previously breached neckline for the bullish technical pattern, seen in the image above, at 1.0225 supported by overbought signs and a bearish crossover on the stochastic indicators. These facts make us believe the pair is to reach the mentioned support before rebounding back to the upside on the intraday basis to breach the key resistance and open the way on the short term to target 1.0550 only if 1.0225 remains intact on the four hour charts.
The trading range for today is among the key support at 1.0035 and the key resistance at 1.0435
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600
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|Recommendation||Based on the charts and explanations above, our opinion is buying the pair from 1.0225 to 1.0350 and stop loss below 1.0130 might be appropriate.|