Possible sell zone at 1.0000-0.9977 with reasonable confluence
USD/CHF:
The US dollar continued to press higher against its Swiss counterpart Monday, recording its fifth consecutive daily gain. Despite the impressive run of late, upside is likely to experience some resistance.
December’s opening level at 0.9977 on the H4 scale is holding the unit lower as we write. This level is planted just south of parity (1.0000), which is likely a watched number by the majority of the market – even more so considering how strongly it held price action lower late November early December 2018.
What’s also notable in this market from a technical standpoint is daily resistance at 0.9986 which was recently pulled into the mix and the H4 RSI indicator displaying a strong overbought signal. Note 0.9986 boasts strong historical significance (yellow). In the event this level is violated, however, the 2016 yearly opening level on the weekly timeframe at 1.0029 will likely be next in line, followed by daily supply coming in at 1.0087-1.0057.
Areas of consideration:
Between 1.0000 and December’s opening level on the H4 timeframe at 0.9977 (green) is an area potential sellers may reside, given it houses strong daily resistance at 0.9986. The only grumble, of course, is the fact weekly price shows room to press as far north as its 2016 yearly opening level at 1.0029, therefore threatening the sell zone.
To prove sellers reside within 1.0000/0.9977, traders have the option of waiting for a bearish candlestick signal. Not only does this help motion bearish intent, it also provides entry/stop levels to work with. Should we push through 1.0000, however, keep eyes on 1.0029 on the weekly timeframe – just look at the number of times the level held price lower in the past.
Today’s data points: Limited.
The US dollar continued to press higher against its Swiss counterpart Monday, recording its fifth consecutive daily gain. Despite the impressive run of late, upside is likely to experience some resistance.
December’s opening level at 0.9977 on the H4 scale is holding the unit lower as we write. This level is planted just south of parity (1.0000), which is likely a watched number by the majority of the market – even more so considering how strongly it held price action lower late November early December 2018.
What’s also notable in this market from a technical standpoint is daily resistance at 0.9986 which was recently pulled into the mix and the H4 RSI indicator displaying a strong overbought signal. Note 0.9986 boasts strong historical significance (yellow). In the event this level is violated, however, the 2016 yearly opening level on the weekly timeframe at 1.0029 will likely be next in line, followed by daily supply coming in at 1.0087-1.0057.
Areas of consideration:
Between 1.0000 and December’s opening level on the H4 timeframe at 0.9977 (green) is an area potential sellers may reside, given it houses strong daily resistance at 0.9986. The only grumble, of course, is the fact weekly price shows room to press as far north as its 2016 yearly opening level at 1.0029, therefore threatening the sell zone.
To prove sellers reside within 1.0000/0.9977, traders have the option of waiting for a bearish candlestick signal. Not only does this help motion bearish intent, it also provides entry/stop levels to work with. Should we push through 1.0000, however, keep eyes on 1.0029 on the weekly timeframe – just look at the number of times the level held price lower in the past.
Today’s data points: Limited.
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