The price has been oscillating since yesterday’s trading session below the 0.9945 zone and slightly above or mostly touching the 0.9907 level which is today’s major pivot point area.
The bullish and bearish pressures are equally distributed with both the buyers and the sellers gaining some minor profits throughout the last two days.
Probable Scenario
In the event where the buyers are able to withhold the pair above today’s pivot point level, the 0.9907, they could likely lead the price to upper areas, such as the 0.9945, Fibonacci’s 100.0% and 1.0001, Fibonacci’s 161.8%, respectively.
Alternative Scenario
Alternatively, in the condition where the bullish pressures are not strong enough to withhold the pair above the 0.9907 zone and the price drops below the 0.9886 area, Fibonacci’s 38.2%, the pair could thereafter decelerate to 0.9851.
Today’s Major Announcements
- The Pending Homes Sales (MoM) (Nov) and Pending Homes Sales (YoY) (Nov) announcements are expected to have a medium impact on the U.S. dollar
- There are no any major releases that could influence the Swiss franc
Synopsis
- Probable trend (Bullish): 0.9907
- Bullish take profit targets:0.9945, 1.0001
- Stop loss target: 0.9851
- Alternative trend (Bearish): 0.9886
Bearish take profit target: 0.9851
Anthony Young
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