1.0000 shows outstanding confluence!
USD/CHF prices are little changed this morning, despite ranging around 70 pips on the day. To make a long story short, here is what our eyes are drawn to on the H4 chart currently:
• Parity (1.0000). A number watched by the majority of the market.
• Three H4 trendline resistances that merge beautifully with 1.0000 (0.9959/1.0335/1.0122).
• H4 Fib extension 161.8% at 1.0012.
• H4 Fib retracement 78.6% at 1.0005.
• 1.0000 also sits just below a daily trendline resistance drawn from the high 0.9956.
With confluence as strong as the above, we would usually place a pending order. However, seeing as there is a 2016 yearly opening level lurking just above this region at 1.0029, we may have to wait for confirmation in order to avoid any potential fakeout.
Our suggestions: Simply, keep an eye on the 1.0000 region today. Should price strike this zone, look for signs on the lower timeframes that the bulls are weakening. This could be either a demand engulf followed by a retest as supply, a trendline break/retest or simply a collection of well-defined selling wicks around the big number.
Data points to consider: US employment report at 1.30pm, FOMC member Evans speaks at 2.15pm and the US ISM non-manufacturing reading can be viewed at 3pm GMT.
• Parity (1.0000). A number watched by the majority of the market.
• Three H4 trendline resistances that merge beautifully with 1.0000 (0.9959/1.0335/1.0122).
• H4 Fib extension 161.8% at 1.0012.
• H4 Fib retracement 78.6% at 1.0005.
• 1.0000 also sits just below a daily trendline resistance drawn from the high 0.9956.
With confluence as strong as the above, we would usually place a pending order. However, seeing as there is a 2016 yearly opening level lurking just above this region at 1.0029, we may have to wait for confirmation in order to avoid any potential fakeout.
Our suggestions: Simply, keep an eye on the 1.0000 region today. Should price strike this zone, look for signs on the lower timeframes that the bulls are weakening. This could be either a demand engulf followed by a retest as supply, a trendline break/retest or simply a collection of well-defined selling wicks around the big number.
Data points to consider: US employment report at 1.30pm, FOMC member Evans speaks at 2.15pm and the US ISM non-manufacturing reading can be viewed at 3pm GMT.
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