Bearish sub 0.99...
USD/CHF:
Weekly Gain/Loss: -0.81%
Weekly Close: 0.9896
Weekly perspective:
In form of a robust bearish engulfing candle printed just south of the 2016 yearly opening level at 1.0029, the USD/CHF market declined in excess of 80 pips last week. According to weekly structure, additional selling could materialize this week having seen the next support target not come into play until the 2018 yearly opening level at 0.9744.
Daily perspective:
The weekly timeframe’s bearish vibe is also echoed on the daily timeframe after meeting strong selling opposition off resistance at 0.9986. The level, as you can see (yellow), boasts incredibly strong historical significance. The only difference between the weekly/daily timeframes is daily movement shows its next downside target falls in relatively close by at 0.9866-0.9830 in the form of a support area.
H4 perspective:
Fuelled by a lower-than-expected US employment report Friday, the US dollar ceded ground to its Swiss counterpart. Despite a reasonably strong defensive posture Thursday off 0.99, recent selling tugged price action under the round number into the close.
Beneath 0.99, the research team has underlined support at 0.9854 as a potential downside target, though let’s keep in mind price action could find support ahead of this number at 0.9866: the top edge of the daily support area.
Areas of consideration:
With the higher timeframes signifying further selling, as well as a mild close printing under 0.99, further downside is likely in store. As long as H4 price remains defensive beneath 0.99 and preferably retests the underside of the number as resistance, this, according to the overall technical picture, is likely sufficient enough to justify a sell (stop-loss orders can be positioned above the rejecting candle’s wick), targeting the top edge of the daily support area mentioned above at 0.9866 as an initial take-profit zone.
Today’s data points: Limited.
Weekly Gain/Loss: -0.81%
Weekly Close: 0.9896
Weekly perspective:
In form of a robust bearish engulfing candle printed just south of the 2016 yearly opening level at 1.0029, the USD/CHF market declined in excess of 80 pips last week. According to weekly structure, additional selling could materialize this week having seen the next support target not come into play until the 2018 yearly opening level at 0.9744.
Daily perspective:
The weekly timeframe’s bearish vibe is also echoed on the daily timeframe after meeting strong selling opposition off resistance at 0.9986. The level, as you can see (yellow), boasts incredibly strong historical significance. The only difference between the weekly/daily timeframes is daily movement shows its next downside target falls in relatively close by at 0.9866-0.9830 in the form of a support area.
H4 perspective:
Fuelled by a lower-than-expected US employment report Friday, the US dollar ceded ground to its Swiss counterpart. Despite a reasonably strong defensive posture Thursday off 0.99, recent selling tugged price action under the round number into the close.
Beneath 0.99, the research team has underlined support at 0.9854 as a potential downside target, though let’s keep in mind price action could find support ahead of this number at 0.9866: the top edge of the daily support area.
Areas of consideration:
With the higher timeframes signifying further selling, as well as a mild close printing under 0.99, further downside is likely in store. As long as H4 price remains defensive beneath 0.99 and preferably retests the underside of the number as resistance, this, according to the overall technical picture, is likely sufficient enough to justify a sell (stop-loss orders can be positioned above the rejecting candle’s wick), targeting the top edge of the daily support area mentioned above at 0.9866 as an initial take-profit zone.
Today’s data points: Limited.
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