4hr Timeframe: A potential shorting opportunity may be setting up on the Swissy pair. The low 0.93787 marked with a blue arrow has been consumed, potentially clearing the way down to the 0.93344 level.
If price hits the 0.93344 level before filling our pending sell order set at 0.93931, then the trade is cancelled, since this will very likely be our take-profit target. Assuming our pending sell order does get filled before, we feel the market is offering a clear 2.5 risk/reward, if one were to target the 0.93344 level as we plan to.
With the above being said, we would not even consider this trade if it were not for price currently trading around higher-timeframe supply areas (Weekly: 0.94546-0.93081, Daily: 0.94546-0.93702) at the moment.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: 0.93931 (Stop loss: 0.94233, Take profit level(s): 0.93344. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.