Will the USDCHF pair resume bearish at 0.9635?

The USDCHF pair has been, since the 26th of April 2016, oscillating within a downside formation between the range of 0.9770 and 0.9635 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 0.9635 level where the sellers will likely take their chances to shift the price more to their favour.

 

usdchf

Probable Scenario

The latest stabilization of the pair close to the 0.9635 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 20 zone.

In the scenario where the pair decelerates, the price could fall to 0.9585 Fibonacci’s 0.0%.

Alternative Scenario

Alternatively, in the event where the sellers are not able to hold the price close to the 0.9635 level, and the buyers place greater pressures, the pair could rise to 0.9716.

Today’s Major Announcements

  • S.’s Personal Income (MoM) (Mar), the Personal Consumption Expenditures – Price Index (YoY) (Mar), the Core Personal Consumption Expenditure – Price Index (MoM) (Mar), the Personal Consumption Expenditures – Price Index (MoM) (Mar), the Core Personal Consumption Expenditure – Price Index (YoY) (Mar), the Personal Spending (Mar), the Chicago Purchasing Managers’ Index (Apr), and the Baker Hughes US Oil Rig Count announcements are expected to have a medium impact on the U.S. dollar
  • The SNB Chairman Jordan Speech announcement is expected to have a medium impact on the Swiss franc

Synopsis

  • Probable trend (Bearish): 0.9635
  • Bearish take profit target: 0.9585
  • Stop loss target: 0.9664
  • Alternative trend (Bullish): 0.9664
  • Bullish take profit target: 0.9716