ICmarkets
Short

High-probability shorting opportunity on the Swissy guys...

FX:USDCHF   U.S. Dollar / Swiss Franc
140 0 5
As London buyers entered the fray yesterday the Swissy pair rocketed over eighty pips north, reaching highs of 0.9927 on the day! This, as you can see, pushed price up to within striking distance of a H4 supply zone drawn at 0.9950-0.9934, which boasts a nice-looking H4 Quasimodo resistance line at 0.9937. What this recent drive north also did was push daily price into supply at 0.9956-0.9921 and weekly action into the underside of a weekly supply zone at 1.0092-0.9928. This – coupled with the EUR/USD             (an inversely correlated market to the USD/CHF             ) also drawing up a H4 buy zone between 1.0940/1.0950, makes the Swissy H4 supply a wonderful area to short from today.

Our suggestions: In light of the above points, our team has placed a pending sell order at 0.9933, with a stop placed just above at 0.9960. If the above order is filled today, we’ll look to reduce risk around the 0.99 handle and take 50% off the table, and then attempt to let the rest run down to H4 support at 0.9843.
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