Will the upside forces on the USDCHF continue at 0.9908?
The buyers of the dollar were the big ‘’winners’’ since the 7th of October 2016 as they were able to lead the price from 0.9770 to 0.9908.
The price has now stabilized close to the 0.9908 zone which is today’s major pivot point area where the buyers will attempt to take the lead.
In contrast, should the sellers increase their pressures at the 0.9887 level they could force the pair lower and thus cancelling out the high probabilities for an uptrend formation.
Probable Scenario
In the scenario where the buyers exert far greater pressures, the pair could escalate to 0.9941, Fibonacci’s 161.8%.
Alternative Scenario
Alternatively, in the condition where the bears place greater momentum and the price decelerates below the 0.9887 level, the pair could drop to 0.9854.
Today’s Major Announcements
- The Industrial Production (MoM) (Sep), the Capacity Utilization (Sep), and the Fed’s Stanley Fischer Speech announcements will likely have a medium influence on the U.S. dollar
- There are no any releases on the Swiss franc
Synopsis
· Probable trend (Bullish): 0.9908
· Bullish take profit target: 0.9941
· Stop loss target: 0.9887
· Alternative trend (Bearish): 0.9887
· Bearish take profit target: 0.9854
