The USD/CHF breaks the support – Analysis – 27/02/2020

forex-news-usd_dollarThe USDCHF pair broke 0.9775 and approaches the key support 0.9712 now, as the price falls under the negative pressure formed by the EMA50, which supports the chances of breaking the last level to open the way to achieve more decline.

But on the other hand, we notice that stochastic shows positive signals that might push the price to recover again, thus, we prefer staying neutral until we get clearer signal for the next trend, noting that breaking 0.9712 will press on the price to continue the decline and head towards 0.9588 as a next negative target, while breaching 0.9775 will lead the price to recover again and test 0.9836 level initially.

The expected trading range for today is between 0.9670 support and 0.9800 resistance.

The expected trend for today: Neutral

Origin: Economies

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