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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

The post USDCHF – Bespoke resistance and 61.8% to limit buying appeared first on Orbex Forex Trading Blog.


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