ICmarkets

USD/CHF Weekly technical outlook and review.

FX:USDCHF   U.S. Dollar/Swiss Franc
17 0 1
Weekly TF.

The weekly timeframe has not seen much change at all with price still seen consolidating just above weekly demand at 0.85664-0.88124.

Daily TF.

Price currently remains capped between daily supply above at 0.90372-0.90042 and the daily S/R flip level at 0.88608 with a break of either level yet to be seen.

4hr TF.

Price remains capped between the round number below at 0.89000 and the high above at 0.89557. Price will very likely trade down to the aforementioned round number very early on this week, with the possibility of higher prices being seen from here up to at least the high (level above).

For anyone that missed the last analysis where the purple trend line was explained, here it is:
Take a quick a look at the small purple trend line, this is not to resemble a trend as such, it is more to show how pro money have likely consumed supply/sellers as price was dropping possibly clearing the path for a nice advance back up to the high 0.89557.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the round number 0.89000 at 0.89042. The reasoning behind placing a pending buy order and not a P.A confirmation buy order here is simply because we expect this area to see a reaction, as a decision was clearly made to rally prices in the first place. Agreed, it is not ideal, as on this timeframe there is not really any logical area for a stop loss order, well a tight one anyways.
• 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.

• Pending sell orders (Green line) are seen just below the highs 0.89557 at 0.89514. The reasoning behind setting a pending sell order here is simply because the sellers proved to us that this level is worthy by consuming the buyers around the low 0.89245, thus permitting us to set this type of order.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.89042 (SL: 0.88886 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: 0.89514 (SL 0.89624 TP: Dependent on price approach). P.A.C There are currently no P.A confirmation sell orders seen in the current market environment.



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