The USDCHF pair has been, since the 15th of November 2016, oscillating within an upside formation between the range of 0.9925 and 1.0043 respectively.
Will the bears take control over the price or do the buyers have something else in mind?
Today’s major pivot point area is the 0.9999 level where the sellers will likely take their chances to shift the price to their favour.
The latest stabilization of the pair above the 0.9999 level is a good indication that the sellers may exert greater pressures to force the price to the downside.
The Stochastic oscillator has also confirmed that the price could aggressively drop at the 40 zone.
In the scenario where the pair decelerates, the price could fall to 0.9925 Fibonacci’s 0.0%.
Alternatively, in the event where the sellers are not able to hold the price close to the 1.0043 level, and the buyers place greater pressures, the pair could rise to 1.0117.
- Fed’s Yellen Testifies, thus this release having a strong impact on the U.S. dollar
- There are no any major announcements that could strongly impact the Swiss franc
· Probable trend (Bearish): 0.9999
· Bearish take profit target: 0.9925
· Stop loss target: 1.0043
· Alternative trend (Bullish): 1.0043
· Bullish take profit target: 1.0117