ICmarkets
Long

High-probability long trade from the 0.95 region

FX:USDCHF   U.S. Dollar / Swiss Franc
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Coming in from the weekly chart this morning, the Swissy is currently lurking fifty or so pips ahead of a major weekly support level coming in at 0.9508, which merges with a weekly trendline support extended from the low 0.8703. Sliding down into the daily chart , daily support at 0.9584 was recently wiped out (now acting resistance), potentially opening up the path south for further downside to a daily Quasimodo support drawn from 0.9498 (sits just below the aforementioned weekly support level ). Nevertheless, as we hope is demonstrated on the daily chart , price is finding support around the tip of a daily AB=CD completion point taken from the high 0.9950. This does not, however, mean price will not stretch down to test the daily Quasimodo support barrier.

Our suggestions: In regard to the recent selling seen on this pair, the unit is now retesting the underside of a H4 mid-way resistance level at 0.9550. Should this number hold as resistance, it’s likely we’ll see a touch of the 0.95 handle going into today’s more liquid sessions, which, given the higher –timeframe structures listed above in bold, would be a fantastic level to buy from at market with a stop set below the daily Quasimodo apex at 0.9440.

Seeing as we are currently short the EUR/USD , we’re secretly hoping that price breaks higher (allowing us to take some profit) before continuing south!
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