Will the pair break above the 0.9947 level on the USDCHF?
The bullish pressures on the USDCHF got more tensed since the 20th of October 2016 where the price climbed from 0.9841 to 0.9947.
Today’s major pivot point area, the 0.9947 zone, is a critical level for the buyers in their attempts of boosting the price once again to the upside.
The latest stabilization of the price close to the 0.9947 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 40 level has greater probabilities to occur.
In the event where the pair appreciates, the buyers could set their take profit target at 1.0009.
Alternatively, a bearish break-out at the 0.9906 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 0.9841 level.
Today’s Major Announcements
- The Chicago Fed National Activity Index (Sep) and the Markit Manufacturing PMI (Oct) releases are expected to have a medium influence on the U.S. dollar
- There are no any releases on the Swiss franc
· Probable trend (Bullish): 0.9947
· Bullish take profit target: 1.0009
· Stop loss target: 0.9906
· Alternative trend (Bearish): 0.9906
· Bearish take profit target: 0.9841
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