Our take on the USD/CHF. Please let us know what you think.

FX:USDCHF   U.S. Dollar / Swiss Franc
70 0 0
The USD/CHF             pair, as you can see, did eventually see a sell-off from the mid-level barrier 0.9750 as reported it may do in our previous report http://blog.icmarkets.com/wednesday-16th-september-watch-gbp-related-pairs-at-8-30am-gmt-and-usd-related-pairs-at-12-30pm-gmt-volatility-expected/. This selling pressure took out bids sitting at 0.9711, and once again slam dunked itself into the ignored 4hr Quasimodo level (IQM) at 0.9670. This is the third time this hurdle has been respected as support this week! The bounce from this level saw price drive into 0.9711, which is currently holding firm as resistance.

Ultimately, what we have been looking for recently is a break BELOW this 4Hr (IQM), since the path appears relatively clear beneath this number down to 0.9600 – a nice take-profit target. In the event that a drive lower is seen and price retests this boundary as resistance, we’d likely enter short if there is corresponding lower timeframe confirmation present.

Supporting further selling in this market, we can see that price is holding below a weekly swap (resistance) level at 0.9796. However, against a push lower, there’s supportive pressure flowing in from the daily chart at a swap (support) barrier coming in at 0.9670. Should a decisive push below the 4hr (IQM) be seen, nonetheless, we believe most of the bids around this daily area will be consumed, thus, at least from a technical standpoint, this market will be free to drop down to our target – 0.9600.

Levels to watch/ live orders:

• Buys: Flat (Stop loss: N/A).
• Sells: Watch for bids at 0.9670 to be consumed and then look to enter on any retest seen at this number (confirmation required).

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