The USDCHF achieves good gains – Analysis - 03-08-2020

The USDCHF pair provided clear positive trades in the previous sessions to approach the bearish channel’s resistance line that appears on the chart, as a bullish correction for the decline that started from 0.9467 areas, as the price touched 23.6% Fibonacci correction level and begins providing negative trades now, supported by the negative overlapping signal that appears on stochastic now.

Therefore, we expect witnessing negative trading today, and the targets begin at 0.9056 and extend to 0.8990, noting that breaching 0.9153 will push the price to visit 0.9213 as a next correctional target before any new attempt to decline.

The expected trading range for today is between 0.9060 support and 0.9200 resistance.

The expected trend for today: Bearish