Looking to once again short supply at 0.9808-0.9787
Influenced by Wednesday’s better-than-expected US ISM non-manufacturing print, the USD/CHF managed to print a nice-looking daily buying tail and erase Tuesday’s losses. While the bulls look to reassert their dominance, we maintain a fairly pessimistic outlook for the Swissie pair at the moment, due to the following reasons:
• High on the curve, the weekly candles are seen bumping heads with the underside of a trendline resistance extended from the low 0.9257.
• A closer look at price action on the daily timeframe shows the unit trading within striking distance of resistance coming in at 0.9770.
• Over on the H4 timeframe, supply at 0.9808-0.9787 is seen lurking nearby, along with the 0.98 handle and two converging channel resistances etched from highs of 0.9705/0.9746.
Suggestions: Owing to the collective resistances seen on the weekly, daily and H4 timeframes, a short from the H4 supply could be an option today (pending sell order at 0.9790 – stop loss at 0.9810).
Data points to consider: US weekly unemployment claims along with trade balance at 1.30pm; FOMC members Powell and Harker take to the stage at 2.10-3pm; US Factory orders m/m at 3pm GMT+1.
Follow us on Twitter for live updates: twitter.com/IC_Markets?ref_src=twsrc^google|twcamp^serp|twgr^author
• High on the curve, the weekly candles are seen bumping heads with the underside of a trendline resistance extended from the low 0.9257.
• A closer look at price action on the daily timeframe shows the unit trading within striking distance of resistance coming in at 0.9770.
• Over on the H4 timeframe, supply at 0.9808-0.9787 is seen lurking nearby, along with the 0.98 handle and two converging channel resistances etched from highs of 0.9705/0.9746.
Suggestions: Owing to the collective resistances seen on the weekly, daily and H4 timeframes, a short from the H4 supply could be an option today (pending sell order at 0.9790 – stop loss at 0.9810).
Data points to consider: US weekly unemployment claims along with trade balance at 1.30pm; FOMC members Powell and Harker take to the stage at 2.10-3pm; US Factory orders m/m at 3pm GMT+1.
Follow us on Twitter for live updates: twitter.com/IC_Markets?ref_src=twsrc^google|twcamp^serp|twgr^author
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