ICmarkets
Short

A highly confluent zone seen between 1.08/1.0170 for shorts

FX:USDCHF   US-Dollar / Schweizer Franken
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In recent sessions, the Swissy pair aggressively pushed through the 1.01 handle and tapped a high of 1.0129. The buyers, however, failed to sustain gains beyond this number and dropped to a low of 1.0065 going into the later hours of the US segment.

As of now, we see little reason to short the 1.01 level since there is a far more attractive area above (in yellow) at 1.02/1.0170.The zone comprises of the following converging structures: both December and January’s opening levels at 1.0170/1.0175, a potential H4 AB=CD 127.2% Fib ext. at 1.0185, another potential minor H4 AB=CD symmetrical formation completing also around the 1.0185 region (see black arrows), an upper H4 channel resistance line pegged from the high 1.0044, a H4 Quasimodo resistance at 1.0197, a 1.02 psychological handle and let’s not forget that all of this is seen housed within the daily supply zone coming in at 1.0248-1.0168.

Our suggestions: In light of this confluence, our team will, dependent on the time of day, look to sell from the H4 127.2% Fib ext. level with stops placed a few pips above 1.02.

Data points to consider: US Jobless claims at 1.30pm GMT             .
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