USD/CHF: Technical outlook and review.
Weekly Timeframe: At the time of writing, the weekly timeframe shows price is trading deep within weekly supply at 0.94546-0.93081. Should this pair see a sell off, we can likely expect active buyers to come into the market around a notable weekly resistance flip level at 0.90927.
Daily Timeframe: The recent push deeper into daily supply at 0.94546-0.93702 only tells us that both this supply area, and the weekly supply area at 0.94546-0.93081 are likely beginning to weaken. With that being said, no decision (in our opinion) has yet to be made regarding future direction. Assuming a breakout above the daily supply area is seen, we can safely assume higher prices will likely follow (weekly supply [levels above] would also be consumed as well). On the other hand, if selling interest comes into the market here, and consumes the daily decision-point level below at 0.93020, this then suggests to us further selling may be seen down to around the daily demand area at 0.91251-0.91738, thus confirming selling strength from the aforementioned weekly supply area.
4hr Timeframe: Ever since the market opened at 0.94010, not much action has been seen. The selling pressure around the 0.94 level is not exactly convincing, and suggests to us a small rally may be seen up to the 4hr supply area at 0.94546-0.94291. This is where things will become interesting. We have set a price action confirmation trigger level just below at 0.94241, since this level may have already been weakened by the touch seen on the 17/09/14 at 0.94320. If the sellers do confirm this area, tighten your seatbelts as a serious decline in value could well be seen, considering that price is now trading within higher-timeframe supply areas at the moment (Weekly: 0.94546-0.93081, Daily: 0.94546-0.93702).
However, if there are no willing sellers around this area, a close above would mean both the weekly and daily supply areas have been consumed as well, potentially clearing the path for much higher prices.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: 0.94241 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
Daily Timeframe: The recent push deeper into daily supply at 0.94546-0.93702 only tells us that both this supply area, and the weekly supply area at 0.94546-0.93081 are likely beginning to weaken. With that being said, no decision (in our opinion) has yet to be made regarding future direction. Assuming a breakout above the daily supply area is seen, we can safely assume higher prices will likely follow (weekly supply [levels above] would also be consumed as well). On the other hand, if selling interest comes into the market here, and consumes the daily decision-point level below at 0.93020, this then suggests to us further selling may be seen down to around the daily demand area at 0.91251-0.91738, thus confirming selling strength from the aforementioned weekly supply area.
4hr Timeframe: Ever since the market opened at 0.94010, not much action has been seen. The selling pressure around the 0.94 level is not exactly convincing, and suggests to us a small rally may be seen up to the 4hr supply area at 0.94546-0.94291. This is where things will become interesting. We have set a price action confirmation trigger level just below at 0.94241, since this level may have already been weakened by the touch seen on the 17/09/14 at 0.94320. If the sellers do confirm this area, tighten your seatbelts as a serious decline in value could well be seen, considering that price is now trading within higher-timeframe supply areas at the moment (Weekly: 0.94546-0.93081, Daily: 0.94546-0.93702).
However, if there are no willing sellers around this area, a close above would mean both the weekly and daily supply areas have been consumed as well, potentially clearing the path for much higher prices.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: 0.94241 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
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