ICmarkets

USD/CHF Technical outlook and review.

FX:USDCHF   U.S. Dollar/Swiss Franc
19 0 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: Ranging action is currently being seen on the daily timeframe between the 0.93346/0.92840 area (Friday’s high/low).

On this timeframe, we believe the following could happen:

1. Pro money attempts to push prices higher into the aforementioned daily supply area (may be difficult though if they do not have the required liquidity), which is located within a weekly supply area (levels above).
2. Price could consolidate (as it’s doing now), enticing traders to trade the range on the lower timeframes, at which point, pro money’s main objective would be to stop as many traders out as possible to collect the required liquidity to push prices higher (sells for their buys).
3. Pro money may sell price hard into all the buyers who followed the bullish momentum last week. This move may potentially bring price all the way down to around the daily demand area at 0.91251-0.91378.

4hr TF: The weekly open (0.93020) saw buyers coming into the market two pips above the round number 0.93. The buying pressure seemed to have dried up when the market tested a minor 4hr resistance level at 0.93284. If a positive close is seen above this 4hr resistance level (and the high 0.93346), the possibility of a push higher up to at least the round number 0.94 is certainly not out of the question, since in between we see only consumed supply (Wicks consuming supply as price was declining ).

However, if a positive bearish close is seen below the round number, it is very likely price will hit the 4hr S/D flip area at 0.92778-0.92469. Normally we would not set pending orders in zones such as these, so we zoomed into the 5-minute timeframe to find where the actual decision was made to break this area (which was at the time a 4hr supply zone ) in the first place, it’s a tiny zone seen at 0.92531-0.92606 where we have set a pending buy order just above at 0.92635, since we expect a first-time reaction when, or indeed if price reaches here.

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: No P.A confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels are seen in the current market environment.


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