The USDCHF under the negative pressure – Analysis - 11-07-2019

The USDCHF pair bounced donwards clearly yesterday to approach testing the key support 0.9836, noticing that the price moves inside an intraday bullish channel that we believe it forms bearish flag pattern, which means that breaking the current support areas will form negative motive that we expect to push the price to achieve more decline in the upcoming period.

Therefore, the bearish bias will be suggested in the upcoming sessions, and breaking 0.9860 followed by 0.9836 levels will confirm rallying towards 0.9712 areas on the near term basis, while the expected decline will remain valid unless the price managed to breach 0.9915 and hold above it.

The expected trading range for today is between 0.9800 support and 0.9915 resistance.

The expected trend for today: Bearish