Will the EURCHF retrace to the downside at 1.0720?
The EURCHF has currently stabilized slightly above the 1.0720 zone, Fibonacci’s 100.0%, where the sellers will likely place pressures to take control the price.
The price, since the 9th of December 2016, has been oscillating within a stable formation between the range of 1.0788 and 1.0720 respectively.
Probable Scenario
The latest formation close to the 1.0720 level is a good indication that the sellers may take control over the pair in today’s trading session.
In the event where the pair drops and the sellers take over, the price could decline to 1.0676 Fibonacci’s 161.8%.
The Stochastic oscillator’s main and signal lines indicate that the price has greater probabilities to decelerate at the 55 zone.
Alternative Scenario
Alternatively, in the scenario where the bulls are able to place greater pressures and the pair breaks above the 1.0746 area, the price could rise to 1.0788 Fibonacci’s 0.0%.
Today’s Major Announcements
- The Markit Manufacturing PMI (Nov), the Markit Services PMI (Nov), and the Markit PMI Composite (Nov) releases will likely have a medium impact on the euro
- The SNB Interest Rate Decision and the SNB Press Conference releases will likely have a strong impact on the Swiss franc
Synopsis
· Probable trend (Bearish): 1.0720
· Bearish take profit target: 1.0676
· Stop loss target: 1.0746
· Alternative trend (Bullish): 1.0746
· Bullish take profit target: 1.0788
Elias Kazamias
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