ICmarkets

Our take on the USD/CHF...

FX:USDCHF   U.S. Dollar/Swiss Franc
95 0 0
Weekly view – From the weekly timeframe , we can see that price has continued to spiral south from the initial rebound at 0.9512. Should the sellers be able to continue with this intensity, it is likely we’ll see price shake hands with the weekly swap area seen below at 0.9074-0.9000 either today or tomorrow.

Daily view: The buyers finally gave in yesterday as price crashed through the daily trendline taken from the low 0.8299. As per this timeframe, we see very little stopping price from continuing down towards the daily demand area at 0.9077-0.9147 (located just above the aforementioned weekly swap area).

4hr view: The recent fall on this pair forced price to break below the 4hr consolidation area between 0.9406-0.9367 and 0.9232-0.9266. This, as you can see resulted in price colliding with a 4hr demand area at 0.9164-0.9217, which sits a little above the aforementioned daily demand zone. We agree that this current 4hr demand zone is fresh, and may see a bounce, but we’re quite confident that it will be taken out later on today/ tomorrow. The reason for why simply comes from the following:

1. Little to no support seen on the higher timeframe picture until price reaches the daily demand area at 0.9077-0.9147.
2. A 4hr Harmonic Bat reversal zone seen in green at 0.9162-0.9131 is positioned just below the current 4hr demand zone, which if you look over to the daily chart , you’ll see is located just within the aforementioned daily demand area.

Therefore, since the current 4hr demand zone is positioned a little above the daily demand area, we can likely expect a fakeout below here into the aforementioned 4hr Harmonic reversal zone, which is where we intend to begin looking for buy trades.

In addition to the above, we’d also consider a short position should price retest the recently broken 4hr demand area at 0.9232-0.9266. Obviously the target for this trade would be around the upper limit of the 4hr Harmonic reversal zone.

Levels to watch/ live orders:

• Buys: 0.9162-0.9131 [Tentative – confirmation required) (Stop loss: 0.9126).
• Sells: 0.9232-0.9266 (Stop loss: 0.9271).


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