The EURCHF, after rising from 1.0751 to 1.0820, has now stabilized below today’s major pivot point area, the 1.0863 level.

Stochastic oscillator’s latest formation shows a pattern of a steady appreciation at the 50 level where the pair is expected to retrace to the upside.

Probable Scenario

In the condition where the pair stabilizes above the 1.0863 level and the upside pressures somehow get more tensed, the price could rise to the 1.0929 zone, Fibonacci’s 161.8%.

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 2nd of November 2016.

eurchf-nov-9-2016

Alternative Scenario

Alternatively, in the event where the bearish pressures force the pair below the 1.0820 zone, the price could drop to 1.0751.

Today’s Major Announcements

  • The European Commission Releases Economic Growth Forecasts will likely have a medium influence on the euro
  • There are no any major releases on the Swiss franc

Synopsis

·         Probable trend (Bullish): 1.0863

·         Bullish take profit target: 1.0929

·         Stop loss target: 1.0820

·         Alternative trend (Bearish): 1.0820

·         Bearish take profit target: 1.0751