ICmarkets

USD/CHF: Higher prices anyone???

FX:USDCHF   U.S. Dollar/Swiss Franc
30 0 0
4hr TF.

The higher-timeframe picture resembles the following:

Weekly TF: Price may have already retested the weekly decision-point level at 0.90927, as last week a rather pleasant-looking bullish pin bar formed a few pips above. Does this mean we should expect higher prices this week?

Daily TF: In our humble opinion, price appears to be clear north on this timeframe. Sellers originally situated around the daily supply area at 0.91556-0.90985 have very likely been consumed, the next set of serious sell orders are (in our opinion) seen around daily supply at 0.94546-0.93448 (conveniently located within a weekly supply area at 0.94546-0.93081).
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A retest of the round number 0.92 appears to have failed, since a drop down to the 4hr demand area at 0.91761-0.91872 was seen. As price hit this area, our pending buy order was filled in the process at 0.91893. Unfortunately though, active sellers around the round number 0.92 do not seem to want to allow prices to trade higher just yet, which is something we had not anticipated when planning the trade. Ideally what we’re looking to see is price close above the round number level, and successfully retest it, this will give us more confidence to remain in the trade.

The area within the red circle is something we’re a little concerned about, as this is likely attractive to pro money. It is what we call a price void, essentially all it means is on this timeframe, if a close below the aforementioned 4hr demand area is seen, price has absolutely no areas of demand visible to stop prices from dropping.

Pending/P.A confirmation levels:

• Pending buy orders (Green line) are seen just above a 4hr decision-point area (0.91376-0.91478) at 0.91494. The reason being is this area was likely where the decision was made to push above 4hr supply at 0.91892-0.91668, hence there very well may be unfilled buy orders sitting there.
• The pending buy order (Green line) set just above a 4hr demand area (0.91761-0.91872) at 0.91893 is now active, so do keep an eye on our first take-profit target set at 0.92112.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.

• No P.A confirmation sell levels (Red line) are seen in the current market environment.
• No pending sell orders (Green line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.91494 (SL: 0.91352 TP: Dependent on how price approaches) 0.91893 (Active) (SL: 0.91743 TP: 0.92112 0.92436) P.A.C: No P.A confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels are seen in the current market environment.
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