ICmarkets
Short

H4 supply at 1.0155-1.0129 is a nice-looking area for shorts!

FX:USDCHF   U.S. Dollar/Swiss Franc
74 0 2
During the course of yesterday’s sessions, we saw the Swissy reclaim parity (1.0000) for a second time and advance north, following upbeat US housing data and Jobless claims as well as comments made by Fed Chair Janet Yellen regarding the possibility of an interest-rate hike.

As of current price, the pair is seen touching gloves with the 1.01 handle, which happens to sit just below a H4 supply base coming in at 1.0155-1.0129. Daily action on the other hand, is flirting with a resistance level coming in at 1.0086, while weekly price recently penetrated through the top edge of a supply zone at 1.0092-0.9928. Of particular interest here is the weekly resistance area located directly above the current weekly supply at 1.0239-1.0131, as the H4 supply at 1.0155-1.0129 also denotes the lower edge of this weekly resistance area , making the H4 zone a beautiful base to short from.

Our suggestions: Given the recent breach seen above the current weekly supply, sellers’ stops have likely been triggered. This may call for a move north up to the aforementioned weekly resistance area , and by extension, a break above the 1.01 handle into the above said H4 supply. This, we believe, is a sound area to sell from. We currently have a pending sell order set on the USD/JPY             , however depending on what level is hit first, we may take a short on this unit at market from 1.0128, with a stop placed above at 1.0157.

Data points to consider: Gov             . Board member Maechler speaks today at 10.30am, along with FOMC member Bullard, followed by two other members taking the stage (Dudley/George) at 2.30pm GMT             .
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out