ICmarkets

USD/CHF: Technical outlook and review.

FX:USDCHF   U.S. Dollar/Swiss Franc
117 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly TF: Price is still seen dancing around the weekly decision-point level at 0.90927 and has been for three weeks now. A push south could see a touch of weekly demand at 0.85664-0.88124, likewise a push above could see price testing weekly supply at 0.94546-0.93081.

• Daily TF: Price is still trading within a daily range. Daily supply is seen above at 0.91556-0.90985 and a daily S/D flip area below at 0.90372-0.90042. At the time of writing, price is seen pushing deeper within the aforementioned daily supply area.

Our active buy order set at 0.90233 has now been closed in full profit as price has just hit its second and final target at the round number 0.91 for a 6R plus win.

The buyers have rocketed prices up to, and past the round number 0.91 consequently filling our pending sell order set just below at 0.90975, we have a big stop loss on this one, so no need to panic just yet! Price is now seen trading just below a 4hr supply area at 0.91329-0.91141 and this has also triggered our P.A confirmation sell level at 0.91112.

It would be wise to remember where we are on the higher timeframes at the moment (trading within daily supply at 0.91556-0.90985, and around a weekly decision-point level at 0.90927, so naturally we are still expecting lower prices from here down to at least the 4hr demand area at 0.90586-0.90691.

Pending/P.A confirmation levels:
• The pending buy order (Green line) set just above the decision-point level (0.90215) at 0.90233 has been closed in full profit since price hit the final take-profit target at the round number 0.91.
• P.A confirmation buy levels (Red line) are seen just above the round number 0.9 at 0.90026. The reasoning behind not placing a pending buy order right away is simply because this level could see a deep test, or even worse, be completely ignored!

• The P.A confirmation sell level (Red line) set just below 4hr supply (0.91329-0.91141) at 0.91112 is now active. For this area to be confirmed, the sellers must consume some or most of the buyers around the 4hr demand area below at 0.90586-0.90691.
• The pending sell order (Green line) set just below the round number 0.91 at 0.90975 is now active, so do keep an eye on our first take-profit level set at 0.90725.

• Areas to watch for buy orders: P.O: 0.90233 (Closed in full profit) (SL: 0.90117 TP: 0.90621 0.91). P.A.C: 0.90026 (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: 0.90975 (Active) (SL: 0.91355 TP: 0.90725 0.90215 ) P.A.C: 0.91112 (Active-awaiting confirmation) (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

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