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

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USDCHF - Bespoke resistance and 61.8% to limit buying

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

USDCHF - Bespoke resistance and 61.8% to limit buying 1

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.

USDCHF - Bespoke resistance and 61.8% to limit buying 2

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

USDCHF - Bespoke resistance and 61.8% to limit buying 3

 

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

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PIA-First provide award winning trade ideas on financial markets. Ran by traders for traders, PIA-First offer professional technical analysis combined with market sentiment specifically designed for the professional trader and investor whether they are independent or working in a financial institution. Our research covers over 25 different financial instruments from major equity indices, commodities and spot foreign exchange (FX).

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