USDCHF Testing Major Resistance, Watch For The Drop
Sell below 0.9987. Stop loss at 1.0020. Take profit at 0.9920.
Reason for the trading strategy (technically):
USDCHF is testing major resistance at 0.9987 (Fibonacci retracement, horizontal swing high resistance, bearish divergence) and a strong reaction could occur from here pushing prices all the way down to major support at 0.9920 (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 99% and also sees bearish divergence vs price signalling that a reversal could be impending.
Reason for the trading strategy (technically):
USDCHF is testing major resistance at 0.9987 (Fibonacci retracement, horizontal swing high resistance, bearish divergence) and a strong reaction could occur from here pushing prices all the way down to major support at 0.9920 (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 99% and also sees bearish divergence vs price signalling that a reversal could be impending.