EURCHF - Selling rallies close to the Marabuzo
|Technical
Monthly: EURCHF has staged a strong recovery since posting a low in January 2015. The rally has stalled, and a reversal posted from levels close to the 78.6% Fibonacci pullback of 1.2010. Swing low (previous support) is located at 1.1447.
Weekly: Mixed trading for the last 41 weeks has resulted in an Expanding Wedge formation being posted on the weekly chart. A break of 1.1560 and the measured move target is 1.1260. Last weeks strong selling pressure has resulted in Marabuzo resistance being located at 1.1845. Bespoke resistance is located at 1.1825.
Daily: We have a 261.8% extension levellocated at 1.1642. This is close to the previous swing low of 1.1651. From a medium-term perspective, this offers poor risk/reward. We look to sell into rallies.
Action:
We look to Sell at 1.1825
Stop: 1.1900
Targets: 1.1450 and 1.1260
Article produced by Pia First for Orbex Limited
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