Potential long opportunity on the USD/CHF this morning...
Broad-based USD selling, along with an influx of safe-haven CHF buying on the back of US equities aggressively exploring lower ground, overwhelmed the USD/CHF market Thursday, concluding the day down 0.67%.
Down an overall 1.07% on the week so far, weekly price could, according to structure, potentially press as far south as the 2018 yearly opening level at 0.9744. Daily price, on the other hand, is now seen shaking hands with a support area drawn from 0.9866-0.9830. Should the buyers attempt a recovery from this platform, resistance at 0.9986 is in view as the next upside hurdle.
Supporting the current daily support area, the H4 candles recently completed a bullish AB=CD (black arrows) 161.8% bullish pattern at 0.9848, which boasts merging support from 0.9854. Further adding to this, the RSI indicator is seen displaying a divergence signal.
Areas of consideration:
According to our technical studies, daily and H4 structure suggest buyers may enter the fold, though on the longer-term weekly chart, sellers remain in the driving seat.
On account of the above, should the H4 candles retest 0.9850ish today (red arrows) and hold firm by way of a reasonably recognizable bullish candle, a long from this region could be something to consider, targeting the underside of 0.99 as the initial take-profit zone.
Down an overall 1.07% on the week so far, weekly price could, according to structure, potentially press as far south as the 2018 yearly opening level at 0.9744. Daily price, on the other hand, is now seen shaking hands with a support area drawn from 0.9866-0.9830. Should the buyers attempt a recovery from this platform, resistance at 0.9986 is in view as the next upside hurdle.
Supporting the current daily support area, the H4 candles recently completed a bullish AB=CD (black arrows) 161.8% bullish pattern at 0.9848, which boasts merging support from 0.9854. Further adding to this, the RSI indicator is seen displaying a divergence signal.
Areas of consideration:
According to our technical studies, daily and H4 structure suggest buyers may enter the fold, though on the longer-term weekly chart, sellers remain in the driving seat.
On account of the above, should the H4 candles retest 0.9850ish today (red arrows) and hold firm by way of a reasonably recognizable bullish candle, a long from this region could be something to consider, targeting the underside of 0.99 as the initial take-profit zone.
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