USDCHF - Buying dips in the Expanding Wedge

Technical

Monthly: Three consecutive positive monthly bars. Broken out of the wedge formation (yellow) to the upside. Reverse trend line support is located at 0.9895. The trend of higher highs (from 2012 and 2015) is currently located at 1.0600. With bespoke resistance located at 1.0680, this is our long-term target zone.

USDCHF

Weekly: Broken out of the Expanding Wedge formation to the upside. Previous resistance is located at 1.0039. With Demark posting a 13 count (exhaustion) there is ample scope for a correction lower. Reverse trendline support is located at 0.9848. Bespoke support is seen at 0.9930.

USDCHF

Intraday 4-hours: Mixed and volatile trading has resulted in an Expanding Wedge formation being posted on the 4-hour chart.  Trend line support (lower lows) is located at 0.9916, just below bespoke support (0.9930). Buying dips offer reasonable risk against reward.

USDCHF

Action:

We look to Buy at 0.9930

Stop: 0.9750

Targets:  1.0050 and 1.0600


Article produced by Pia First for Orbex Limited
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