Morning Report

The dollar versus swissy is gradually nearing the awaited resistance level at 1.0375 - previously breached support level - in an attempt to build a base and then head to complete the CD leg for the ascending harmonic pattern, shown in the image above, where possible reversal levels are around 1.0275. From here, we expect a possible bearish trend for today; targeting 1.0275 - 176.4% Fibonacci extension level -, meanwhile knowing that the four hour- closing above 1.0375 will make the suggested harmonic patterncompleted.

The trading range for today is among the key support at 1.0200 and the key resistance at 1.0500.

The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0375 targeting 1.0275 and stop loss above 1.0430, might be appropriate.