USD / CHF Technical Analysis Oct 31

Will the pair break above the 0.9913 level on the USDCHF?

The bearish pressures on the USDCHF got more tensed since the 25th of October 2016 where the price dropped from 0.9996 to 0.9862.

Today’s major pivot point area, the 0.9913 zone, is a critical level for the buyers in their attempts of boosting the price to the upside.

Probable Scenario

The latest stabilization of the price close to the 0.9913 level is a good indication that the bulls could likely exert momentum to lead the pair upwards.

Stochastic oscillators’ formation signals that a probable bullish retracement at the 30 level has greater probabilities to occur.

In the event where the pair appreciates, the buyers could set their take profit target at 0.9996.

usdchf-oct-31-2016

Alternative Scenario

Alternatively, a bearish break-out at the 0.9862 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 0.9779 level.

Today’s Major Announcements

 

  • The Personal Income (MoM) (Sep), the Personal Consumption Expenditures – Price Index (YoY) (Sep), the Core Personal Consumption Expenditure Price Index (MoM) (Sep), the Personal Consumption Expenditures – Price Index (MoM) (Sep), and the Personal Spending (Sep) releases are expected to have a medium influence on the dollar
  • There are no any releases on the Swiss franc

Synopsis

·         Probable trend (Bullish): 0.9913

·         Bullish take profit target: 0.9996

·         Stop loss target: 0.9862

·         Alternative trend (Bearish): 0.9862

·         Bearish take profit target: 0.9779