ICmarkets

USD/CHF sOME GREAT ACTION BEING SEEN!

FX:USDCHF   U.S. Dollar/Swiss Franc
52 0 0
4hr TF.

The higher-timeframe picture resembles the following:

• Price is very frustratingly consolidating above weekly demand at 0.85664-0.88124, and has been for several weeks now!

• Heavy buying into daily supply at 0.90372-0.90042 is currently being seen, if we see a break above this area, a likely push up to oncoming daily supply above at 0.91556-0.90985 will possibly happen.

The buyers on the 4hr timeframe are currently on fire, in one full-bodied bullish candle they have managed to positively close above the big-figure level 0.90000, however what is unfortunate for the buyers is that they have bought right into 4hr supply at 0.90372-0.90148.

Price temporarily remains capped between the aforementioned 4hr supply area and the round number 0.90000 below. A break of one of these areas will possibly help in answering where price will likely trade to next, but traders should be cautious about buying the retest of the round number because if you remember we are currently in higher-timeframe daily supply (levels above) and also 4hr supply at 0.90372-0.90148 as well, so do be aware.

Pending/P.A confirmation orders:

• 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 this area remains an important decision-point area where the buyers ‘decided’ to trade above multiple highs.
• 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.

• The pending sell order (Green line) set just below the round number 0.90000 at 0.89974 has now hit the breakeven stop-loss order. Our first take-profit level at 0.89741 was fortunately hit, so we came away from this trade with some profit at least.
• 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: No pending sell orders seen in the current market environment. P.A.C No P.A confirmation sell orders seen in the current market environment.
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