USD/CHF technical outlook and review...
USD/CHF bulls were in fine form on Monday, as traders abandoned the safe-haven Swiss Franc in favor of the US dollar amid improved market sentiment. Conquering the 0.97 handle in early London hours, the H4 candles concluded the session shaking hands with a mid-level resistance at 0.9750. The other key thing to note here is the nearby supply zone seen at 0.9776-0.9762, which is likely watched by a number of traders this morning as a candidate for potential shorts.
Thanks to yesterday’s advance, weekly price retested the underside of the 2018 yearly opening level at 0.9744. From a technical standpoint, we do not imagine the pair trading too far beyond this structure, as daily price is seen nearing the September 4 high at 0.9767, shadowed closely by a swing resistance at 0.9788.
Areas of consideration:
The current H4 supply at 0.9776-0.9762, although a solid area, could suffer a break to the upside. We say this simply because daily resistance at 0.9788 is positioned just above the zone! For that reason, traders who are considering shorts from this base may want to contemplate waiting for additional candle confirmation to form before pulling the trigger here.
An ideal setup to keep eyes on this morning is a H4 bearish pin-bar formation that pierces through the top edge of the current H4 supply and taps the daily swing resistance level at 0.9788 (see the chart for a visual representation), targeting 0.97 as the initial take-profit level. Not only will this move take out stop-loss orders above supply (providing bigger players liquidity to sell), it’ll also bring daily sellers into the equation.
Today’s data points: Limited.
Thanks to yesterday’s advance, weekly price retested the underside of the 2018 yearly opening level at 0.9744. From a technical standpoint, we do not imagine the pair trading too far beyond this structure, as daily price is seen nearing the September 4 high at 0.9767, shadowed closely by a swing resistance at 0.9788.
Areas of consideration:
The current H4 supply at 0.9776-0.9762, although a solid area, could suffer a break to the upside. We say this simply because daily resistance at 0.9788 is positioned just above the zone! For that reason, traders who are considering shorts from this base may want to contemplate waiting for additional candle confirmation to form before pulling the trigger here.
An ideal setup to keep eyes on this morning is a H4 bearish pin-bar formation that pierces through the top edge of the current H4 supply and taps the daily swing resistance level at 0.9788 (see the chart for a visual representation), targeting 0.97 as the initial take-profit level. Not only will this move take out stop-loss orders above supply (providing bigger players liquidity to sell), it’ll also bring daily sellers into the equation.
Today’s data points: Limited.
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