Will the bulls lead the EURCHF at 1.0769?
The EURCHF, after falling from 1.0898 to 1.0735, has now stabilized above today’s major pivot point area, the 1.0769 level.
Stochastic oscillator’s latest formation shows a pattern of a steady appreciation at the 60 level where the pair is expected to retrace to the upside.
Probable Scenario
In the condition where the pair remains above the 1.0769 level and the upside pressures somehow get more tensed, the price could rise to the 1.0898 zone, Fibonacci’s 0.0%.
Should the bulls gain the control over the price in today’s session they would then resume their steady but successful upside momentum that started as of the 9th of December 2016.
Alternative Scenario
Alternatively, in the event where the bearish pressures force the pair below the 1.0695 zone, the price could drop to 1.0569.
Today’s Major Announcements
- Germany’s Consumer Harmonized Index (YoY) (Nov), the Harmonized Index of Consumer Prices (YoY) (Nov), the Consumer Price Index (MoM) (Nov), and the Harmonized Index of Consumer Prices (MoM) (Nov) releases will likely have a medium influence on the euro
- There are no any releases on the Swiss franc
Synopsis
· Probable trend (Bullish): 1.0769
· Bullish take profit target: 1.0898
· Stop loss target: 1.0695
· Alternative trend (Bearish): 1.0695
· Bearish take profit target: 1.0569
