Pending sell order set at 0.9787...
The impact of Monday’s hotter-than-expected US ISM Manufacturing PMI print saw the USD/CHF springboard north. Following this, the pair remained in a bullish state and has just this minute connected with two H4 channel resistances etched from highs of 0.9705/0.9746. It might also be worth noting that directly above these lines is a H4 supply zone pegged at 0.9808-0.9787 that houses the 0.98 handle.
Over on the bigger picture, weekly price is currently kissing the underside of a trendline resistance extended from the low 0.9257. In addition to this, traders may have also noticed that daily flow is trading around resistance fixed at 0.9770.
Suggestions: Owing to the collective resistances seen on each timeframe, today’s spotlight will firmly be focused on shorts. As such, a pending sell order has been set at 0.9787 (the underside of the current H4 supply) and a stop positioned above the zone at 0.9810. Ultimately, we will be looking to trail this position down to the 0.97 neighborhood.
Data points to consider: FOMC member Powell speaks at 1.30pm GMT+1.
Over on the bigger picture, weekly price is currently kissing the underside of a trendline resistance extended from the low 0.9257. In addition to this, traders may have also noticed that daily flow is trading around resistance fixed at 0.9770.
Suggestions: Owing to the collective resistances seen on each timeframe, today’s spotlight will firmly be focused on shorts. As such, a pending sell order has been set at 0.9787 (the underside of the current H4 supply) and a stop positioned above the zone at 0.9810. Ultimately, we will be looking to trail this position down to the 0.97 neighborhood.
Data points to consider: FOMC member Powell speaks at 1.30pm GMT+1.
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