ICmarkets

USD/CHF Weekly technical outlook and review.

FX:USDCHF   U.S. Dollar/Swiss Franc
73 0 0
Weekly TF.

Yet another pin bar has formed around the weekly decision-point level at 0.90927, can this mean we are going to drop like a rock this week? Let’s take a look at the lower timeframes to see if we can gather any more information.

Daily TF.

With the weekly timeframe forming a bearish pin bar, the daily timeframe in our opinion shows no evidence price will drop just yet. Buyers and sellers have been trading within a small range limited by an S/D flip area below at 0.90372-0.90042 and a daily supply above at 0.91556-0.90985. For the time being, on this timeframe we are going to wait for a break of either of the aforementioned areas, this will give us a good indication of where price is likely headed next.

4hr TF.

This pair moved beautifully last week, notice how we reported that price was likely to fake above the round number 0.91 into true 4hr supply above at 0.91329-0.91141, price did exactly that!

A push below a newly formed 4hr demand area at 0.90396-0.90516 was also seen last week; price should be relatively free now to hit a nice-looking 4hr decision-point level at 0.90215. This area remains important as this was likely where pro money decided to push price above 4hr supply area at 0.90372-0.90148, meaning there may well be unfilled buy orders still sitting around there.

On this timeframe, and that of the daily timeframe , all the weekly pin bar seems to have done is traded right into demand, we used to love trading pin bars, but we have stopped this now since most of the pin bars if analyzed correctly traded directly into some sort of S/D, only once this area was consumed, we would then be confident the pin bar was a good one. This is not to say anyone who trades pin bars is wrong, we just found this way more simpler.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the decision-point level (0.90215) at 0.90233. The reasoning behind placing a pending buy order here is simply because this is the area on the 4hr timeframe where pro money buyers likely made the decision to break above (what was at the time) the 4hr supply area at 0.90372-0.90148, hence the possibility there may still be unfilled buy orders lurking around this level.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• The pending sell order (Green line) set just below the 4hr supply area (0.91329-0.91141) at 0.91113 has been closed in full profit, both take-profit levels (0.90845/0.90516) have been hit.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 0.90233 (SL: 0.90117 TP: Dependent on price approach). P.A.C: No P.A confirmation buy orders seen in the current market environment.

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