ICmarkets

USD/CHF Technical outlook and review.

FX:USDCHF   U.S. Dollar/Swiss Franc
26 0 4
4hr TF.

The higher picture resembles the following:

• The weekly timeframe is showing price consolidating just above weekly demand at 0.85664-0.88124.

• Daily supply at 0.90372-0.90042 has seen a lot of action over the past few weeks with no break north seen yet. Price is currently capped between the daily supply level just mentioned, and the daily S/R flip level below at 0.88608.

It was reported in the last analysis price appeared to be well on its way towards the huge figure number 0.90000, however some unexpected selling pressure has been recently seen around the 0.89885 area.

Take a look at the most recent price action, it is very interesting in that the sellers seem to be spiking price north (marked with three arrows) consuming what supply is left, and also at the same time, spiking price south possibly clearing the way for a move to the downside. In our opinion, there is only one logical place to bring price down to, and that is the 4hr decision-point level just above the high 0.89557 at 0.89540-0.89614. This area will likely see a nice bullish reaction once/if price reaches south this far.

Pending/P.A confirmation orders:

• New pending buy orders (Green line) are seen just above the decision-point level (0.89540-0.89614) at 0.89624. A pending buy order was placed here because price is currently seen retracing, and this area being the most likely place unfilled buy orders are remaining, so it seemed logical to set this type of order.
• P.A confirmation buy orders (Red line) are seen just above the low 0.88546 at 0.88586. The reason that a P.A confirmation buy order was set here rather than a pending buy order was simply because there is no logical area for a stop loss, and the low (level above) will be likely prone to deep tests, or worse, a positive break below, hence the need to wait for confirmation.

• Pending sell orders (Green line) are seen just below the round number 0.90000 at 0.89974. The reason a pending sell order was set here is because there is a logical area for a stop-loss order, and this is a huge round number level which will likely see a reaction on its first touch.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.89624 (SL: 0.89523 TP: Dependent on price approach). P.A.C: 0.88586 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: 0.89974 (SL 0.90140 TP: Dependent on price approach). P.A.C There are currently no P.A confirmation sell orders seen in the current market environment.
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