ICmarkets

USD/CHF: Technical outlook and review.

FX:USDCHF   U.S. Dollar/Swiss Franc
97 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: Price is currently seen trading around the weekly decision-point level at 0.90927, could we possibly see lower prices from here?
• Daily timeframe: Buyers and sellers are seen trading between daily supply at 0.91556-0.90985 and a daily S/D flip area below at 0.90372-0.90042 with price trading just within the daily supply area at the moment. 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.

A small spike above the round number 0.91 materialized, following this, not much selling interest was seen, we are not surprised as at that point in time, price had yet to touch the 4hr supply area above at 0.91329-0.91141. Nonetheless, price has just hit the 4hr supply and the sellers are beginning to show interest for the time being.

We are currently trading within higher-timeframe supply areas, so this trade should at the very least provide some profit. This trade will give us some confidence if, and only if we see a positive close below the low 0.90845, price is then relatively free down to at least a newly-formed 4hr demand area at 0.90396-0.90516.

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 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 is now active, so do keep an eye out for a first take-profit level to be hit at 0.90845.
• 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: 0.91113 (Active) (SL: 0.91359 TP: 0.90845 0.90516). P.A.C No P.A confirmation sell orders seen in the current market environment.
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