Will the pair break above the 1.0292 level on the USDCHF?
The bullish pressures on the USDCHF got more tensed since the 14th of December 2016 where the price climbed from 1.0082 to 1.0292.
Today’s major pivot point area, the 1.0292 zone, is a critical level for the buyers in their attempts of boosting the price once again to the upside.
Probable Scenario
The latest stabilization of the price close to the 1.0292 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 35 level has greater probabilities to occur.
In the event where the pair appreciates, the buyers could set their take profit target at 1.0423.
Alternative Scenario
Alternatively, a bearish break-out at the 1.0213 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 1.0082 level.
Today’s Major Announcements
- The Markit PMI Composite (Dec) and the Markit Services PMI (Dec) announcements will likely have a medium impact on the U.S. dollar
- There are no any releases on the Swiss franc
Synopsis
· Probable trend (Bullish): 1.0292
· Bullish take profit target: 1.0423
· Stop loss target: 1.0213
· Alternative trend (Bearish): 1.0213
· Bearish take profit target: 1.0082
Elias Kazamias
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