USDCHF - Bespoke resistance and 61.8% to limit buying

Technical

Monthly: Price action continues to be mixed and volatile. The pair holds a mild bullish bias with a break of the Ending wedge formation (at 0.9903) taking the pair to the measured move target of 1.0340

Weekly: Buyers emerged close to the 261.8% extension level of 0.9243 (from 1.0039-0.9735). The recovery has traded to the highest level in 11 weeks. An indecisive Inside Bar was posted last week.

Daily: After completing a bearish 5 wave Elliott Wave formation we have moved higher within a bullish channel formation. Bespoke resistance is located a 0.9684, just in front of the 61.8% pullback level of 0.9714 (from 1.0039-0.9190). With the intraday chart close to a DeMark exhaustion count, we look for rallies to be limited

Action:

We look to Sell at 0.9684

Stop: 0.9800

Targets:  0.9350 and 0.9300

Risk Warning

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Before deciding to invest in spot foreign exchange or futures you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with spot foreign exchange and futures trading, and seek advice from an independent financial advisor (IFA) if you have any doubts. All information posted on this website is of our opinion and the opinion of our visitors, and may not reflect the truth. Please use your own good judgment and seek advice from a qualified consultant or IFA, before believing and accepting any information posted on this website.

Your capital is at risk.

Losses can exceed deposits

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Article produced by Pia First for Orbex Limited

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