The USDCHF pair succeeded to reach our main waited target at 0.9578 after the sharp decline that appeared in the past hours, noting that the mentioned level represents 38.2% Fibonacci correction level for the entire rise measured from 0.8368 to 1.0326, which means that breaking it will extend the bearish wave on the short term basis to target 0.9347 areas mainly.
Now, we need to stay aside temporarily in order to monitor the pair’s next move, as we expect to witness high volatility after releasing the final US elections results, noting that the stability of 0.9578 level against the current negative pressure will lead trading for recovery attempts that its targets begin at 0.9700 and extend to 0.9864.
Expected trading range for today is between 0.9450 support and 0.9700 resistance.
Expected trend for today: Neutral
Origin: Economies
