USDCHF resumes the decline – Analysis – 16.08.2016

forex-news-usd_dollarThe USDCHF pair bounced bearishly yesterday after testing 0.9752 level, to keep the bearish trend active on the intraday and short term basis, supported by the negative pressure provided by the EMA50, waiting to test 0.9634 level initially, which breaking it represents the key to extend the bullish wave towards 0.9442.

Therefore, the bearish bias will remain suggested for the upcoming sessions unless breaching 0.9752 level and holding above it, which will lead the price to test 0.9848 level and might extend to 0.9944 before any new attempt to decline.

Expected trading range for today is between 0.9600 support and 0.9800 resistance.

Expected trend for today: Bearish

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Origin: Economies

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