The pair has been recently oscillating between the range of 0.9886 and 0.9959 as both the buyers and the sellers took their chances to control the price.
The buyers attempted to place greater pressures since the 12th of February 2016 and led the price to escalate from as low as 0.9741 to as high as 0.9959. Today’s major pivot point area is the 0.9886 level.
Probable Scenario
The latest stabilization of the pair slightly above the 0.9886 area is a good indication that the price may retrace once again to the downside.
In the event where the pair drops, the sellers could lock their profit at 0.9796 and 0.9657.
The Stochastic oscillator confirms the downtrend formation thus showing that the pair has greater probabilities of retracing downwards.
Alternative Scenario
In contrast, in the condition where the bullish pressures get more tensed and the pair breaks above the 0.9959 level, the price could rise to 1.0027 and 1.0254.
Today’s Major Announcements
- The Consumer Price Index Ex Food & Energy (YoY) (Jan) and the Consumer Price Index (YoY) (Jan) announcements are expected to have a strong impact on the U.S. dollar
- There are no any major announcements that may have a strong impact on the Swiss franc
Synopsis
- Probable trend (Bearish): 0.9886
- Bearish take profit targets: 0.9796, 0.9657
- Stop loss target: 0.9959
- Alternative trend (Bullish): 0.9959
- Bullish take profit target: 1.0027, 1.0254