GBPCHF is testing resistance, potential reversal!
GBPCHF is approaching its resistance at 1.3641 (61.8% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal overlap resistance) price could potentially react off and fall to its support at 1.3447 (38.2% Fibonacci retracement, horizontal overlap support). We do have to be cautious of the intermediate support at 1.3511 (horizontal swing low support).
Stochastic (55, 5, 3) is approaching resistance at 96% where a corresponding reaction is expected. A bearish divergence with price was also identified which contributes to our bearish bias.
Stochastic (55, 5, 3) is approaching resistance at 96% where a corresponding reaction is expected. A bearish divergence with price was also identified which contributes to our bearish bias.
Trade closed: target reached:
First profit target reached! woohoo
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