Can the upside forces lead the GBPCHF higher at 1.2704?
The bullish pressures on the pair got more tensed since the 23rd of November 2016 where the price climbed from as low as 1.2485 to as high as 1.2620.
The bulls took control over the pair by 130 plus pips to their favour, a good movement with great gains for the buyers and losses for the sellers.
Probable Scenario
The latest appreciation or bounce of the price from the 1.2620 zone, and the stability below the 1.2704 area which is today’s major pivot point level is a good indication that the bulls could likely exert momentum to boost the price upwards.
Stochastic oscillators’ formation signals that a probable bullish retracement, close to the 50 level, has greater chances to occur.
In the event where the pair escalates, the buyers could set their take profit target at 1.2843.
Alternative Scenario
Alternatively, a bearish break-out below the 1.2620 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 1.2485.
Today’s Major Announcements
- There are no any releases on the sterling
- Switzerland’s Industrial Production (YoY) (Q3) and the Industrial Production (QoQ) (Q3) releases could have a medium impact on the Swiss franc
Synopsis
· Probable trend (Bullish): 1.2704
· Bullish take profit target: 1.2843
· Stop loss target: 1.2620
· Alternative trend (Bearish): 1.2620
· Bearish take profit target: 1.2485
