USDCHF – Bespoke resistance and 61.8% to limit buying
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
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 (the move to 0.9684 triggered our short trade 08:04 18/04/2018)
Stop: 0.9800
Targets: 0.9350 and 0.9300
