What’s next on the EURCHF pair, bearish at 1.0771?
The EURCHF pair has been, since the 8th of December 2016, oscillating within a downside formation between the range of 1.0896 and 1.0771 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 1.0771 level where the sellers will likely take their chances to shift the price to their favour.
Probable Scenario
The latest stabilization of the pair close to the 1.0771 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 45 zone.
In the scenario where the pair decelerates, the price could fall to 1.0693 Fibonacci’s 161.8%.
Alternative Scenario
Alternatively, in the event where the sellers are not able to hold the price below the 1.0818 level, and the buyers place greater pressures, the pair could rise to 1.0896.
Today’s Major Announcements
- Germany’s Exports (MoM) (Oct), the Trade Balance s.a. (Oct), the Current Account n.s.a (Oct) and the Imports (MoM) (Oct) releases are expected to have a medium impact the euro
- The Unemployment Rate s.a. (MoM) (Nov) release is expected to have a strong impact on the Swiss franc
Synopsis
· Probable trend (Bearish): 1.0771
· Bearish take profit target: 1.0693
· Stop loss target: 1.0818
· Alternative trend (Bullish): 1.0818
· Bullish take profit target: 1.0896
Elias Kazamias
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