Coming in from the weekly chart this morning, the Swissy is currently lurking fifty or so pips ahead of a major weekly support level
coming in at 0.9508, which merges with a weekly trendline
support extended from the low 0.8703. Sliding down into the daily chart
, daily support at 0.9584 was recently wiped out (now acting resistance), potentially opening up the path south for further downside to a daily Quasimodo support drawn from 0.9498 (sits just below the aforementioned weekly support level
). Nevertheless, as we hope is demonstrated on the daily chart
, price is finding support around the tip of a daily AB=CD
completion point taken from the high 0.9950. This does not, however, mean price will not stretch down to test the daily Quasimodo support barrier.
Our suggestions: In regard to the recent selling seen on this pair, the unit is now retesting the underside of a H4 mid-way resistance level
at 0.9550. Should this number hold as resistance, it’s likely we’ll see a touch of the 0.95 handle going into today’s more liquid sessions, which, given the higher –timeframe structures listed above in bold, would be a fantastic level to buy from at market with a stop set below the daily Quasimodo apex at 0.9440.
Seeing as we are currently short the EUR/USD
, we’re secretly hoping that price breaks higher (allowing us to take some profit) before continuing south!