ICmarkets

USD/CHF: Technical outlook and review.

FX:USDCHF   U.S. Dollar/Swiss Franc
106 0 1
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 over the past two weeks 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) with price now trading around the upper limits of this consolidation.

A beautiful pin-par reaction has been seen around the round number 0.91 (triggering in our P.A confirmation sell order at 0.90960) which initially showed some nice-looking selling interest down to the low 0.90273. As we can clearly see, it was short-lived, since the buyers are at the time of writing seen pushing price back up to around the round number level.

Considering we are now trading around a weekly decision-point level at 0.90927, lower prices should likely be seen. Nonetheless, the round number level may well fail, and a push up to 4hr supply at 0.91329-0.91141 could be seen, where we currently have a P.A confirmation sell order ready and waiting at 0.91112.

So, for the time being we will be watching price action around the following levels: 0.91/0.91329-0.91141.

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.

• The P.A confirmation sell order (Red line) set just below the round number 0.91 at 0.90960 is now active. The sellers will need to confirm this level by consuming some or most of the buyers around the low marked with a green flag at 0.90553, only then will we consider setting a pending sell order.
• P.A confirmation sell orders (Red line) are seen just below 4hr supply (0.91329-0.91141) at 0.91112. The reasoning behind setting a P.A confirmation sell order here is because price has already visited this area once already, this likely means some of the sellers have already been consumed, so a push higher may well be seen into the 4hr supply area, or even a break above, hence the need for confirmation here.
• No pending sell orders (Green 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 (Active-awaiting confirmation) (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed) 0.91112 (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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