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MEX_Exchange
Jan 24, 2018 2:48 AM

USDCHF right on major support, prepare for a bounce Long

U.S. Dollar/Swiss FrancFXCM

Description

Buy above 0.9569. Stop loss at 0.9501. Take profit at 0.9699.
Reason for the trading strategy (technically):
Price is now testing major support at 0.9569 (Fibonacci extension, horizontal swing low support) and we expect a bounce above this level to push price up to at least 0.9699 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is seeing major support above 3.7% where a corresponding bounce could occur.

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