Flat on the Swissie - are we missing something?
A feeble US dollar, along with an advance in euro markets, sent the USD/CHF considerably lower during trade on Tuesday. The pair wrapped up the day closing beneath the 0.99 handle and also a H4 channel support line taken from the low 0.9939. As we hope is clearly demonstrated on the H4 chart, the unit recently retested the underside of 0.99 (and its fusing channel support-turned resistance). According to H4 structure, further losses could very well be on the horizon down to as far as the support level coming in at 0.9837. In addition to this, we can also see that weekly price, after tapping the 2016 yearly opening level at 1.0029, shows room to trade as far south as support drawn from 0.9770.
The flip side to the above, however, is that H4 flow just recently completed a symmetrical AB=CD bullish formation see black arrows) and daily price shook hands with support at 0.9896.
Suggestions: Having seen weekly price promoting bearish intent, along with daily price trading from a support level, we remain wary. Making it even more difficult though is the H4 timeframe. Under 0.99 price looks poised to push lower, but with the AB=CD bullish formation in play, this could potentially halt further selling.
In the absence of clearer price action, we have decided to remain flat during today’s sessions.
Data points to consider: FOMC member Evan’s speaks at 8am; US inflation and retail sales figures at 1.30pm GMT.
The flip side to the above, however, is that H4 flow just recently completed a symmetrical AB=CD bullish formation see black arrows) and daily price shook hands with support at 0.9896.
Suggestions: Having seen weekly price promoting bearish intent, along with daily price trading from a support level, we remain wary. Making it even more difficult though is the H4 timeframe. Under 0.99 price looks poised to push lower, but with the AB=CD bullish formation in play, this could potentially halt further selling.
In the absence of clearer price action, we have decided to remain flat during today’s sessions.
Data points to consider: FOMC member Evan’s speaks at 8am; US inflation and retail sales figures at 1.30pm GMT.
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