The Dollar versus Swissy pair declined in correctional movements after momentum indicators adjusted to the downside where we see a support level at 1.0160 slowly becoming a neckline for a bearish technical pattern as it proves the strength of the 1.0280 resistance level. The 50 MA is currently limiting any declines supported by the positive signs on the stochastic indicator yet we believe the pair is to reverse to the downside to target 1.0030 once again. From here we expect the pair to decline as far as 1.0280 remains intact.
The trading range for today is among the key support at 0.9975 and the key resistance at 1.0340
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 selling the pair with the breach of 1.0160 to 1.0030 and stop loss above 1.0240 might be appropriate.|