High-probability sell at 0.99...
USD/CHF:
Boosted by improved market sentiment – risk on after the US and China agreed to resume trade talks and suspend any further tariff hikes at the G20 summit at the weekend – the US dollar gathered steam against its Swiss counterpart as demand for safe-haven assets diminished.
From the weekly timeframe, we can see that price action respected the 2018 yearly opening level at 0.9744 in the shape of an indecision candle last week, and turned higher in recent movement. Despite buying, a thick body of supply is present on the weekly timeframe nearby at 1.0014-0.9892 (green). In conjunction with this, daily price also recently shook hands with a trend line support-turned resistance taken from the low 0.9716. Beyond here, the research team has the 200-day SMA (orange around 0.9977) in sight.
Recent upside on the H4 timeframe demolished 0.98 as a resistance Monday, unbolting the door to 0.99 and its nearby confluence: trend line support-turned resistance taken from the low 0.9853, a 161.8% Fibonacci extension point at 0.9890 and a 61.8% Fibonacci retracement at 0.9894. In addition to this, indicator-based traders may wish to note the RSI is currently pencilling in a hidden divergence reading near overbought territory (red line).
Areas of consideration:
With all three timeframes displaying nearby resistance, traders are urged to consider the 0.99 region as a potential sell zone today. A H4 bearish candlestick configuration chalked up from this area is, given the surrounding confluence both locally and on the bigger picture, a high-probability shorting opportunity, targeting H4 support at 0.9841 as the initial take-profit zone.
Boosted by improved market sentiment – risk on after the US and China agreed to resume trade talks and suspend any further tariff hikes at the G20 summit at the weekend – the US dollar gathered steam against its Swiss counterpart as demand for safe-haven assets diminished.
From the weekly timeframe, we can see that price action respected the 2018 yearly opening level at 0.9744 in the shape of an indecision candle last week, and turned higher in recent movement. Despite buying, a thick body of supply is present on the weekly timeframe nearby at 1.0014-0.9892 (green). In conjunction with this, daily price also recently shook hands with a trend line support-turned resistance taken from the low 0.9716. Beyond here, the research team has the 200-day SMA (orange around 0.9977) in sight.
Recent upside on the H4 timeframe demolished 0.98 as a resistance Monday, unbolting the door to 0.99 and its nearby confluence: trend line support-turned resistance taken from the low 0.9853, a 161.8% Fibonacci extension point at 0.9890 and a 61.8% Fibonacci retracement at 0.9894. In addition to this, indicator-based traders may wish to note the RSI is currently pencilling in a hidden divergence reading near overbought territory (red line).
Areas of consideration:
With all three timeframes displaying nearby resistance, traders are urged to consider the 0.99 region as a potential sell zone today. A H4 bearish candlestick configuration chalked up from this area is, given the surrounding confluence both locally and on the bigger picture, a high-probability shorting opportunity, targeting H4 support at 0.9841 as the initial take-profit zone.
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