The dollar versus swissy dispensed with the need of a an awaited bearish correction last Friday, where it built its base on support for the ascending channel shown in the image above, to complete the bullish short term direction. The upcoming negative signs from momentum indicators are negatively pressuring the pair and therefore forcing it to attempt some bearish stabilization over support for the ascending channel at 1.0260 and then achieve a bullish direction over an intraday basis; targeting initially 1.0480. Chances of a bullish direction continuing for today will prevail if the four hours closing above 1.0260.
The trading range for today is among the key support at 1.0175 and the key resistance at 1.0480.
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair from 1.0260 targeting 1.0420 and stop loss below 1.0175, might be appropriate.|