Monthly: EURCHF has staged a strong recovery since posting a low in January 2015. The rally has stalled, and a reversal posted from levels close to the 78.6% Fibonacci pullback of 1.2010. Swing low (previous support) is located at 1.1447. Marabuzo resistance (mid-point from the open and close) is located at 1.1745
Daily: We look for a bearish 5 wave Elliott wave count to be completed at 1.3668. Immediate price action to the upside has been mixed and volatile, common in corrective formations. Trend line resistance, and a possible right shoulder in a bearish Head and Shoulders formation, is located at 1.1733. Bespoke resistance is located at 1.1738. This zone is also between the 50 and 61.8% pullback levels of 1.1685 and 1.1760. We look to this confluence area to get short.
Action:
We look to Sell at 1.1725
Stop: 1.1850
Targets: 1.1370 and 1.0750
