ICmarkets

USD/CHF: Technical outlook and review.

FX:USDCHF   U.S. Dollar/Swiss Franc
36 0 0
Weekly Timeframe: At the time of writing, the weekly timeframe shows price is trading deep within weekly supply at 0.94546-0.93081. Should this pair see a sell off, we can likely expect active buyers to come into the market around a notable weekly resistance flip level at 0.90927.

Daily Timeframe: The recent push deeper into daily supply at 0.94546-0.93702 only tells us that both this supply area, and the weekly supply area at 0.94546-0.93081 are likely beginning to weaken. With that being said, no decision (in our opinion) has yet to be made regarding future direction. Assuming a breakout above the daily supply area is seen, we can safely assume higher prices will likely follow (weekly supply would also be consumed as well). On the other hand, if selling interest comes into the market here, and consumes the daily decision-point level below at 0.93020, this then suggests to us further selling may be seen down to around the daily demand area at 0.91251-0.91738, thus confirming selling strength from the aforementioned weekly supply area.

4hr Timeframe: Ever since the market opened at 0.94010, not much action has been seen. The selling pressure around the 0.94 level is not exactly convincing, and suggests to us a small rally may be seen up to the 4hr supply area at 0.94546-0.94291. This is where things will become interesting. We have set a price action confirmation trigger level just below at 0.94241, since this level may have already been weakened by the touch seen on the 17/09/14 at 0.94320. If the sellers do confirm this area, tighten your seatbelts as a serious decline in value could well be seen, considering that price is now trading within higher-timeframe supply areas at the moment (Weekly: 0.94546-0.93081, Daily: 0.94546-0.93702).

However, if there are no willing sellers around this area, a close above would mean both the weekly and daily supply areas have been consumed as well, potentially clearing the path for much higher prices.

Pending orders/Price action confirmation levels:

• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: 0.94241 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
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