ICmarkets

USD/CHF Technical outlook and review.

FX:USDCHF   U.S. Dollar/Swiss Franc
33 0 0
4hr TF.
The higher-timeframe picture resembles the following:
• Weekly TF: Price still remains trading around the weekly decision-point level at 0.90927, and at the time of writing, no attempt to break above has been seen, instead all that has formed is two miniature bearish pin bars so far.
• Daily TF: Price action is currently confined within a range (Daily supply: 0.91556-0.90985 Daily S/D flip area at 0.90372-0.90042). For the time being, on this timeframe we are going to wait for a break of either of the aforementioned areas, this will give us a good indication of where price is likely headed next.

A push below a newly formed 4hr demand area at 0.90396-0.90516 was seen; price should be relatively free now to hit a nice-looking 4hr decision-point level at 0.90215. This area remains important as this was likely where pro money decided to push price above 4hr supply area at 0.90372-0.90148, meaning there may well be unfilled buy orders still sitting around there.

Since the market opened at 0.90547, not much has changed regarding the technicals, as all we have seen is consolidating price action just above the 4hr demand area at 0.90396-0.90516.

We are watching the aforementioned 4hr decision-point level carefully, however we are prepared for price to rally back up to around the round number 0.91, as pro money will likely need more buy orders to sell into to bring prices that far down.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the decision-point level (0.90215) at 0.90233. The reasoning behind placing a pending buy order here is simply because this is the area on the 4hr timeframe where pro money buyers likely made the decision to break above (what was at the time) the 4hr supply area at 0.90372-0.90148, hence the possibility there may still be unfilled buy orders lurking around this level.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• Pending sell orders (Green line) are seen just below the round number 0.91 at 0.90960. The reasoning behind setting a P.A confirmation order here, and not a pending sell order, is because round number levels are prone to deep spikes, so confirmation of this level will hold is far better than getting stopped out by one of those mean spikes!
• No P.A confirmation sell orders (Red line) are seen in the current market environment

• Areas to watch for buy orders: P.O: 0.90233 (SL: 0.90117 TP: Dependent on price approach). P.A.C: No P.A confirmation buy orders seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment. P.A.C: 0.90960 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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