Morning Report

The 61.8% Fibonacci correction is showing a strong resilience in front of the dollar versus swissy attempts at descending, where it was stuck below support for the breached descending channel - currently at 1.0185 -. We still see that the bearish direction dominates on the pair's trades, which therefore makes us expect a bearish overall intraday direction as its targets start at 1.0055 and then attempt to try to pressure it to descend below 1.0000, keeping mind the importance of trades remaining below 1.0260 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0300.

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

Weekly Report Previous day report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0185 targeting 1.0090 and stop loss above 1.0260, might be appropriate.