The dollar versus swissy is seen currently trading above the neckline for the bullish technical pattern, which was shown in yesterday's reports, but at the same time we see that major overbought signs and a bearish reversal are appearing on the stochastic; therefore we expect is to enter a bearish correction before continuing the original bullish direction, We expect the pair to retest the MA 20 levels that come inline with main support for the bullish direction. From here, we expect that the first part of trading for today could take a bearish direction.
The trading range for today is among the key support at 1.0300 and the key resistance at 1.0700.
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.
Weekly Report Previous Report
|Recommendation||Based on the charts and explanations above our opinion is selling the pair from 1.0510 targeting 1.0450 and stop loss above 1.0560, might be appropriate.|