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MEX_Exchange

USDCHF approaching major support, prepare to buy for a bounce

Long
U.S. Dollar / Swiss Franc (FX:USDCHF)  
MEX_Exchange  
FX:USDCHF   U.S. Dollar / Swiss Franc
Trend Analysis Harmonic Patterns Chart Patterns USDCHF usdchfanalysis usdchfshort usdchflong usdchfidea usdchfprediction usdchftrade Forex forextrading
5
0
trendanalysis harmonicpatterns chartpattern usdchf usdchfanalysis usdchfshort usdchflong usdchfidea usdchfprediction usdchftrade forex forextrading
Buy above 0.9493. Stop loss at 0.9451. Take profit at 0.9566.
Reason for the trading strategy (technically):
Price is now testing major support at 0.9493 (Fibonacci retracement, horizontal overlap support) and we expect to see a bounce above this level to at least 0.9566 resistance (Fibonacci retracement.
Stochastic (34,5,3) is fast approaching 6.4% where we expect a bounce from that corresponds to price too.
Correlation analysis: USDCHF and EURUSD are negatively correlated. So it is nice to see a bounce on USDCHF and a correlated drop on EURUSD.
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