Our take on the Swissy this morning...

FX:USDCHF   U.S. Dollar / Swiss Franc
147 0 9
Kicking things off with a look at the weekly chart this morning, we can see that price extended last week’s bounce from the supply at 1.0092-0.9928 down to lows of 0.9728 yesterday. In the event that the bears remain in the driving seat here, the next barrier of interest falls in at 0.9581: a support level . Slipping down to the daily chart , yesterday’s bearish descent took out support at 0.9841 (now acting resistance), and now looks to be on course to connect with a support area coming in at 0.9648-0.9708.

Our suggestions: Even though the weekly chart suggests further selling may be on the cards, our desk has noted a particularly interesting H4 buy zone. Consisting of a H4 support level at 0.9713, a H4 78.6% Fib at 0.9716, a H4 trendline support taken from the low 0.9537 and the 0.97 handle, which is topped off by being housed within the top edge of the above mentioned daily support area . For that reason, we feel a bounce from this region will likely take place. However, knowing that we are effectively buying against weekly sellers here, it would be prudent to wait for at least a H4 bullish close to form prior to pulling the trigger.

Data points to consider: US ADP employment change at 12.15pm along with the decision and statement from the FOMC at 6pm GMT             .

Levels to watch/live orders:

• Buys: 0.97/0.9716 area (H4 bullish close required, stop loss: ideally beyond the trigger candle).
• Sells: Flat (stop loss: N/A).
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