USD/CHF – Volume Supply & Demand Nov 3, 2014
Today’s open of the volume supply analysis using the hourly charts of the USD/CHF shows us the possibility of a large amount of supply or rather, that the bankers and institutions are selling at around the 0.9646 area. See the below chart
We deduce this due to seeing selling action at 0.9674 right down to 0.9646 on reducing volume. This indicates to us that there is little appetite for buying at this level and mostly only sells being made by the big institutions who think the price is high at these levels. As such we would look to Sell at current levels down to 0.9620 for some short term profits.
We say short term due to this being an hourly chart, but also because the USD has been showing a lot of strength and upward momentum and therefore to proceed with caution and ensure you have stops in place.