Longs above 0.9879???
Recent action shows that the USD/CHF extended its bounce from the weekly support level at 0.9770 on Tuesday, bidding daily price above resistance at 0.9864.This has potentially opened up the path north for further buying up to at least the daily supply base coming in at 0.9946-0.9914. Traders should expect some selling pressure to be seen from here. Not only is base well built, it also boasts strong momentum to the downside, therefore communicating strength.
Across the pond on the H4 timeframe, yesterday’s advance dragged H4 price above a H4 trendline resistance extended from the high 1.0017, and is now see crossing swords with a H4 resistance level plotted at 0.9879.
Directions: While the current H4 resistance seems attractive for a short given its history, both weekly and daily timeframes suggest further upside is on the cards. Therefore, sell this level WITH CAUTION!
Assuming that H4 price closes above the current H4 resistance, a long on the retest of this base could be something to think about. Be that as it may, upside, according to the H4 scale, only offers around 40 pips of wiggle room until price reaches H4 resistance at 0.9945, which basically represents the underside of the aforementioned daily supply.
Data points to consider: US ADP non-farm employment change at 1.15pm GMT.
Areas worthy of attention:
Supports: daily support at 0.9864; weekly support at 0.9770.
Resistances: H4 resistance level at 0.9879; daily supply at 0.9946-0.9914; H4 resistance at 0.9945.
Across the pond on the H4 timeframe, yesterday’s advance dragged H4 price above a H4 trendline resistance extended from the high 1.0017, and is now see crossing swords with a H4 resistance level plotted at 0.9879.
Directions: While the current H4 resistance seems attractive for a short given its history, both weekly and daily timeframes suggest further upside is on the cards. Therefore, sell this level WITH CAUTION!
Assuming that H4 price closes above the current H4 resistance, a long on the retest of this base could be something to think about. Be that as it may, upside, according to the H4 scale, only offers around 40 pips of wiggle room until price reaches H4 resistance at 0.9945, which basically represents the underside of the aforementioned daily supply.
Data points to consider: US ADP non-farm employment change at 1.15pm GMT.
Areas worthy of attention:
Supports: daily support at 0.9864; weekly support at 0.9770.
Resistances: H4 resistance level at 0.9879; daily supply at 0.9946-0.9914; H4 resistance at 0.9945.
Aviso legal
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