ICmarkets

USD/CHF: Technical outlook and review.

FX:USDCHF   U.S. Dollar/Swiss Franc
29 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly TF: A close above the weekly decision-point level at 0.90927 has been seen (keep an eye on a possible retest as support). Any sellers around this area have now very likely been stopped out, and on this timeframe the path north appears to be clear up to around the weekly supply area at 0.94546-0.93081.

• Daily TF: Price has broken above the daily supply area at 0.91556-0.90985. Looking to the left of current price, there is nothing but ‘wicky’ price action indicating supply consumption i.e. no sellers left up to around the daily supply area at 0.94546-0.93448, however before this happens we must be prepared for a decline in value down to at least the daily S/D flip area at 0.90372-0.90042.

The market opened quite a way above last week’s close (0.91353) at 0.91710 seeing price immediately trading within 4hr supply at 0.91892-0.91668, and filling our pending sell order just below at 0.91637. Since the jump in price, not a lot of movement has been seen.

Since both the higher-timeframes indicate the possibility that lower prices could be seen (Above), we are fairly confident we will see some profit out of our current active short trade (entry level above). Our first trouble will be the minor 4hr S/R flip level at 0.91429 (our first take-profit target), if price closes below there, we see very little stopping it from hitting the 4hr demand area at 0.91025-0.91177. We did originally have a pending buy order set above there at 0.91201, but since price has just hit a serious 4hr supply area (levels above), our faith in this area has diminished, as the sellers could very well overwhelm any buyers lurking there. This area would have looked great to us if, and only if price had not hit the 4hr supply area above, but as we can all see it has, thus our prospective long trade has been invalidated.

Pending/P.A confirmation levels:

• The pending buy order (Green line) set just above 4hr demand (0.91025-0.91177) at 0.91201 has been removed.
• 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.
• The pending sell order (Green line) set just below 4hr supply (0.91892-0.91668) at 0.91637 is now active, so do keep an eye on our first take-profit target set at 0.91429.

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

• Areas to watch for sell orders: P.O: 0.91637 (Active) SL: 0.91941 TP: 0.91429 0.91177 ) P.A.C: No P.A confirmation sell levels are seen in the current market environment.
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