Morning Report

The dollar versus swissy has started procedures to get rid of the minor ascending channel which had formed a flag pattern and is targeting the breach of its minor support levels; then resuming the original bearish direction. Trading remaining below the breached support levels at 1.0095 gives priority in achieving an expected bearish intraday direction for today; targeting initially the breach of 1.0030 to open a way towards 0.9950. It is vital that , areas of 1.0095 remain intact for the bearish intraday direction, while the daily close always remaining below 1.0185 to maintain the short term bearish direction.

The trading range for today is among the key support at 0.9900 and the key resistance at 1.0240.

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 1.0095 targeting 1.9950 and stop loss above 1.0185, might be appropriate.