The pair, after its recent appreciation mode from 1.0948 to 1.1042, has dropped since yesterday’s trading session down to 1.1004 which it today’s major pivot point area.

Stochastic oscillator’s latest formation shows a pattern of a steady appreciation at the 20 level.

Probable Scenario

In the scenario where the price stabilizes above the 1.1004 zone and the bullish pressures somehow get more tensed, the pair could rise as high as 1.1042, Fibonacci’s 100.0%, and 1.1097, Fibonacci’s 161.8%, respectively.

EURCHF

 

Alternative Scenario

In contrast, a failure by the bulls to hold the price above the 1.1004 level and in the event where the sellers exert greater pressures, the pair could decelerate to 1.0948, provided though that initially there is a successful downside break at 1.0982.

Today’s Major Announcements

  • The Non-monetary policy’s ECB meeting release is expected to have a major impact on the euro
  • The ZEW Survey – Expectations (Feb) announcement is expected to have a strong impact on the Swiss franc

Synopsis

  • Probable trend (Bullish):1.1004
  • Bullish take profit targets: 1.1042, 1.1097
  • Stop loss target: 1.0982
  • Alternative trend (Bearish): 1.0982
  • Bearish take profit target: 1.0948