Tech outlook and review on the USD/CHF...
After a near-seven week selloff, the weekly candles shook hands with a weekly support area coming in at 0.9443-0.9515 on Wednesday. This area has been in motion since late 2015, so the bears will likely have their work cut out for them! In the event that this area yields to the selling pressure, however, the next objective seen on this scale is drawn from 0.9163.
Also seen bolstering the current weekly support area is a near-two year daily support level penciled in at 0.9444. As you can see, the unit is presently responding to this angle and could potentially send the pair back up to revisit the daily resistance area at 0.9565-0.9611.
Over on the H4 scale, the H4 mid-level support at 0.9450 came into the fray after a solid bout of selling yesterday. A recovery from this number opens up the 0.95 handle as a possible resistance, followed by the H4 mid-level point 0.9550 and then the aforementioned daily resistance area.
Market direction:
At current price, this market is trading around strong support on both the weekly and daily timeframes (see above). Therefore, despite the current downtrend, we would avoid entering into a sell trade just yet.
A solid H4 close below 0.9450 could be interpreted as a bearish cue down to 0.94. With this, one might also assume that buyers from the current daily support have been weakened. Ultimately though, we’d like to see the 0.94 handle consumed before selling becomes a possibility. This will, in our view, confirm that both weekly and daily supports are out of the picture.
Data points to consider: US unemployment claims at 1.30pm; US new home sales at 3pm GMT.
Also seen bolstering the current weekly support area is a near-two year daily support level penciled in at 0.9444. As you can see, the unit is presently responding to this angle and could potentially send the pair back up to revisit the daily resistance area at 0.9565-0.9611.
Over on the H4 scale, the H4 mid-level support at 0.9450 came into the fray after a solid bout of selling yesterday. A recovery from this number opens up the 0.95 handle as a possible resistance, followed by the H4 mid-level point 0.9550 and then the aforementioned daily resistance area.
Market direction:
At current price, this market is trading around strong support on both the weekly and daily timeframes (see above). Therefore, despite the current downtrend, we would avoid entering into a sell trade just yet.
A solid H4 close below 0.9450 could be interpreted as a bearish cue down to 0.94. With this, one might also assume that buyers from the current daily support have been weakened. Ultimately though, we’d like to see the 0.94 handle consumed before selling becomes a possibility. This will, in our view, confirm that both weekly and daily supports are out of the picture.
Data points to consider: US unemployment claims at 1.30pm; US new home sales at 3pm GMT.
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