ICmarkets
Short

Our take on the Swissy...

FX:USDCHF   U.S. Dollar/Swiss Franc
85 0 0
Reporting from the weekly chart this morning, it’s clear that the bears have been in control of this market since price connected with the underside of weekly supply carved from 1.0092-0.9928. With the next target not in view until weekly support seen at 0.9508, this pair, as far as we can see, has the potential to continue selling-off. In-line with what we’re seeing on the weekly chart, the daily chart shows demand at 0.9663-0.9708 was recently taken out (now acting supply), and has possibly opened the trapdoor for a move lower to touch ground with a daily Quasimodo support at 0.9584.

Thanks to yesterday’s selling, H4 action is now seen crossing swords with the H4 mid-way support line at 0.9650. The candles are showing that the bulls are struggling to hold here, suggesting we may see a further decline in value today down to the 0.96 handle, which sits only a few pips above the daily Quasimodo support at 0.9584.

Our suggestions: In light of the weekly picture and the recent break below daily demand (see above) our team is bearish for now. With that being said, we’re going to be watching the lower timeframe price action closely around 0.9650 today for a possible shorting opportunity, targeting 0.96, followed closely by 0.9584 (the daily Quasimodo mentioned above).

Levels to watch/live orders:

• Buys: Flat (Stop loss: N/A).
• Sells: 0.9650 region Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
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