The pair has been lately oscillating between the range of 0.9912 and 0.9993 as both bulls and bears were able to make some gains within such a channel formation.
The bulls attempted to place greater pressures since the 8th of January 2016, but the sellers forced the pair once again down to 0.9977 which is slightly above today’s major pivot point area the 0.9954 level.
The latest stabilization of the price above the 0.9954 area is a good indication that the pair may retrace once again upwards.
In the condition where the pair escalates, the bulls could lock their profit at 0.9993, Fibonacci 61.8%, and 1.0120, Fibonacci 100.0%.
The Stochastic oscillator confirms the uptrend condition showing that the price has greater chances of retracing upwards at the 20 level.
In contrast, in the scenario where the sellers place far greater pressures and the price declines below the 0.9912 zone, the pair could drop to 0.9865.
Today’s Major Announcements
- The Fed’s Stanley Fischer speech release could have a medium impact on the U.S. dollar
- There are no any major announcements on the Swiss franc
- Probable trend (Bullish):0.9954
- Bullish take profit targets:0.9993, 1.0120
- Stop loss target:0.9912
- Alternative trend (Bearish): 0.9912
Bearish take profit target:0.9865