USD/CHF: Technical outlook and review.

FX:USDCHF   U.S. Dollar / Swiss Franc
25 0
Weekly TF: Price is now currently trading around a strong-looking weekly supply area at 0.94546-0.93081. If sellers enter the market here, we can likely expect active buyers to be situated around the weekly R/S flip level support at 0.90927.

Daily TF: A beautiful to-the-pip reaction has been seen around daily supply at 0.94546-0.93702. If this selling continues, the first trouble area for the sellers on this timeframe is likely around a daily decision-point level at 0.93019.

4hr TF: It definitely seems like we may have missed the boat on this short trade (0.93845) for the time being! What a shame, the R:R would've been fantastic. Onwards and upwards as they say, we are planning to still leave the aforementioned pending sell order in place, since that area is likely where the overall decision was made by pro money to drop prices, initially forming the 4hr supply area at 0.93911-0.93746 (take a look in history, it’s a thing of beauty).

Current price action is testing a 4hr R/S flip (support) level at 0.93257, a close below here could likely force prices to test the round number 0.93 (a P.A confirmation buy level is set just above at 0.93046), which remains an important level, since around this area was, in our opinion the overall origin of the rally into the aforementioned 4hr supply area. However, we must continually remind ourselves of where price is currently trading on the higher timeframes (Weekly supply: 0.94546-0.93081, Daily supply: 0.94546-0.93702) hence the need to wait for confirmation on any long trades at the moment!

Pending orders/P.A confirmation levels:

• Areas to watch for buy orders: P.O: 0.92635 (SL: 0.92410 TP: Dependent on how price approaches) P.A.C: 0.93046 (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: 0.93845 (SL: 0.94078 TP: Dependent on how price approaches) P.A.C: No P.A confirmation sell levels are seen in the current market environment.
Get real-time trading updates at our official Telegram group : https://t.me/ICMarketsroom
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out