ICmarkets

USD/CHF: Technical outlook and review.

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

Price is currently seen trading around the round number 0.91, which to us is a very important level because just above it is a beautiful 4hr supply area at 0.91329-0.91141. The round number here is begging to be faked past up to true 4hr supply, this would stop out most of the traders attempting to fade the round number, and give pro money their stops which would be then buy orders for pro money sellers to sell into!

Something else to consider with this trade is we are at a weekly decision-point level, and also trading just below a daily supply area (level above) making this a very confluent trade indeed!

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.

• Pending sell orders (Green line) are seen just below the 4hr supply area (0.91329-0.91141) at 0.91113. The reason we have placed an order such as this is due its higher-timeframe location (Weekly decision-point level 0.90927).
• 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 (SL: 0.91359 TP: Dependent on price approach). P.A.C No P.A confirmation sell orders seen in the current market environment.

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