ICmarkets

USD/CHF Technical outlook and review.

FX:USDCHF   U.S. Dollar/Swiss Franc
43 0 2
4hr TF.

The higher picture resembles the following:

• The weekly timeframe is showing price consolidating just above weekly demand at 0.85664-0.88124
• Daily supply at 0.90372-0.90042 has seen a lot of action over the past few weeks with no break north seen yet. Price is currently capped between the daily supply level just mentioned above and the daily S/R flip level below at 0.88608.

A strong break below the low 0.89245 has recently been seen just missing the round number at 0.89000 by a couple of pips! The buyers then took over, a small reaction at the resistance which was prior support (low – levels above) was seen, but at the time of writing, the sellers seem too weak for the buying onslaught currently taking place.
Take a quick a look at the small purple trend line, this is not to resemble a trend as such, it is more to show how pro money have likely consumed supply/sellers as price was dropping possibly clearing the path for a nice advance back up to the high 0.89557.
However, we must expect the unexpected in these markets, right? A retracement could possibly be seen back down to the 0.89042 area where price initially decided to rally from before we could expect price to reach the aforementioned highs at 0.89557.

Pending/P.A confirmation orders:

• New pending buy orders (Green line) are seen just above the round number 0.89000 at 0.89042. The reasoning behind placing a pending buy order and not a P.A confirmation buy order here is simply because we expect this area to see a reaction, as a decision was clearly made to rally prices in the first place. Agreed, it is not ideal, as on this timeframe there is not really any logical area for a stop loss order, well a tight one anyways.
• P.A confirmation buy orders (Red line) are seen just above the low 0.88546 at 0.88586. The reason that a P.A confirmation buy order was set here rather than a pending buy order was simply because there is no logical area for a stop loss, and the low (level above) will be likely prone to deep tests, or worse, a positive break below, hence the need to wait for confirmation.

• New pending sell orders (Green line) are seen just below the highs 0.89557 at 0.89514. The reasoning behind setting a pending sell order here is simply because the sellers proved to us that this level is worthy by consuming the buyers around the low 0.89245, thus permitting us to set this type of order.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.89042 (SL: 0.88886 TP: Dependent on price approach). P.A.C: 0.88586 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: 0.89514 (SL 0.89624 TP: Dependent on price approach). P.A.C There are currently no P.A confirmation sell orders seen in the current market environment.
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