Interesting P.A being seen on the Swissy right now
Since the USD/CHF shook hands with daily support (Feb 11th low) at 0.9660 last Thursday, the pair has been grinding north. The word ‘grinding’ seems accurate here due to this market having risen less than 100 pips from that time! Looking above current prices on the H4 chart, one can see that the next obstacle for buyers to contend with falls in at a H4 supply coming in at 0.9749-0.9781. Not only is this barrier strengthened by a 38.2% Fibonacci level at 0.9751, it also ties in nicely with the recently broken weekly trendline support extended from the low 0.9071.
On account of the above, our analysis is a relatively simple one today. Watch for price to connect with the above said H4 supply zone and enter short if and only if you manage to pin down a lower timeframe sell signal. The reason for requiring confirmation here is simply to avoid a fakeout above to the 0.9800 figure and quite possibly daily resistance seen at 0.9822.
Levels to watch/live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 0.9749-0.9781 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
On account of the above, our analysis is a relatively simple one today. Watch for price to connect with the above said H4 supply zone and enter short if and only if you manage to pin down a lower timeframe sell signal. The reason for requiring confirmation here is simply to avoid a fakeout above to the 0.9800 figure and quite possibly daily resistance seen at 0.9822.
Levels to watch/live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 0.9749-0.9781 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
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