The EURCHF has been recently oscillating between the range of 1.0979 and 1.0925 as both the buyers and sellers were not able to take control over the price.
Taking into consideration the wider picture, the bulls were the big gainers since the 12th of January 2016 as they have been able to lead the pair from as low as 1.0835 to as high as 1.0979.
On the other hand, the sellers attempted to gain somehow of a control over the pair by retracing the price to the downside from 1.0979 to 1.0907.
Probable Scenario
The latest stabilization of the pair slightly above the 1.0925 zone is a good indication that the price may retrace once again to the downside.
In the event where the pair drops, the bears could lock their profit at the 1.0870 and the 1.0835 levels respectively.
The Stochastic oscillator also confirms that the downtrend formation may likely prevail with a bearish retracement at the 80 level.
Alternative Scenario
In contrast, in the scenario where the bullish pressures get more tensed and the price breaks above the1.0979 level, the pair could appreciate to 1.1067.
Today’s Major Announcements
- There are no any major announcements that may have a strong impact on the euro or the Swiss franc
Synopsis
- Probable trend (Bearish):1.0925
- Bearish take profit targets:1.0870, 1.0835
- Stop loss target:1.0979
- Alternative trend (Bullish): 1.0979
Bullish take profit target:1.1067