The USDCHF pair has been, since the 5th of December 2016, oscillating within a downside formation between the range of 1.0179 and 1.0037 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 1.0037 level where the sellers will likely take their chances to shift the price to their favour.
The latest stabilization of the pair close to the 1.0037 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 25 zone.
In the scenario where the pair decelerates, the price could fall to 0.9951 Fibonacci’s 261.8%.
Alternatively, in the event where the sellers are not able to hold the price below the 1.0093 level, and the buyers place greater pressures, the pair could rise to 1.0179.
- The Initial Jobless Claims (Dec 2) and the Continuing Jobless Claims (Nov 25) releases are expected to have a medium influence on the U.S. dollar
- There are no any releases on the Swiss franc
· Probable trend (Bearish): 1.0037
· Bearish take profit target: 0.9951
· Stop loss target: 1.0093
· Alternative trend (Bullish): 1.0093
· Bullish take profit target: 1.0179