Morning Report

The dollar versus swissy continues pressuring support levels that have currently formed the meeting point for the support level for the main descending channel for the minor ascending channel, with a bearish technical near to forming and therefore supports our previous expectations of a descend. From here, we see that the expected direction for today is bearish and requires the breach of 1.0160 - meeting point for support - and then head towards 1.0055 following 1.0000. It is vital that 1.0240 remain intact 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.

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RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0160 targeting 1.0055 and stop loss above 1.0240, might be appropriate.