FX:USDCHF   US-Dollar / Schweizer Franken
A stronger-than-expected bounce has been seen from the weekly support area at 0.9443-0.9515, consequently forcing daily action to challenge supply at 0.9738-0.9691. This area also happens to converge with a daily channel resistance extended from the high 0.9808 and a daily 38.2% Fib resistance at 0.9693 taken from the high 1.0099.

Although weekly price looks bull strong at the moment, the confluence surrounding the daily supply zone , coupled with H4 price reacting so well off of a minor trendline resistance extended from the low 0.9675 seen positioned just above 0.97, strongly suggests that sellers may make an appearance.

Our suggestions: We have entered short at 0.9694 and placed the stop above the current daily supply at 0.9740, with an overall target objective set at 0.9546: a daily support level . Should the trade come to fruition, this will net over three times our initial risk.

Data points to consider: US Advance GDP figures q/q at 1.30pm, FOMC member Kashkari speaks at 6.20pm GMT+1.
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my thoughts
ICmarkets SN_Doumet
@SN_Doumet, Thanks for your post. Much appreciated.
+1 Antworten
Did you guys receive any information about why the CHF dropped like this (so USD-CHF rapidly spiked)? I suppose it is the Swiss trying to play the market? Buy the rumor, sell the news?
ICmarkets _VincentP_
@_VincentP_, No news. Just good old fashioned T.A confluence.
Looks like a very profitable analysis!
Hey @ICmarkets Great Analysis, keep up the good work! I've been following you for a while and your analysis are on point majority of the time.
ICmarkets yash1220
@yash1220, Thanks for the kind words! Glad it is of help :)
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