Pending buy order set at 0.95...
In recent trading the USD/CHF fell sharply, consequently taking out the 0.96 handle and July’s opening level at 0.9580. The unit bottomed after clocking a low of 0.9523 and has since been registering bullish candles. Helping price along its way, nevertheless, is a daily support currently in play coming in at 0.9546. While this is holding the market higher at the moment, our desk is not convinced. The reason? Well, weekly support at 0.9581 was recently consumed and shows space for price to move down to the next weekly support line coming in at 0.9508. Now, 0.9508 converges not only with the 0.95 handle on the H4 chart, but is also seen positioned nearby a daily Quasimodo support level at 0.9498 (the next downside target below the current daily support). For that reason, we are more drawn to the 0.95 handle for longs today.
Our suggestions: Given what we’ve noted above, our team has placed a pending buy order at 0.95, with a stop positioned below the daily Quasimodo apex (0.9443) at 0.9440. Yes, this is a rather large stop, but considering we are dealing with weekly and daily structures here, the risk is acceptable, in our humble opinion.
Data points to consider: US Housing data at 1.30pm GMT+1.
Our suggestions: Given what we’ve noted above, our team has placed a pending buy order at 0.95, with a stop positioned below the daily Quasimodo apex (0.9443) at 0.9440. Yes, this is a rather large stop, but considering we are dealing with weekly and daily structures here, the risk is acceptable, in our humble opinion.
Data points to consider: US Housing data at 1.30pm GMT+1.
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