USDCHF profit target reached, time to start selling
Sell below 0.9672. Stop loss at 0.9711. Take profit at 0.9580.
Reason for the trading strategy (technically):
Price shot up and reached our profit target perfectly before dropping from there. We are now seeing strong support broken triggering a double top reversal. The plan is to sell below major resistance at 0.9672 (overlap resistance, Fibonacci retracement) for a push down to at least 0.9580 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
RSI (34) sees our long term ascending line broken triggering a bearish exit and a change in momentum.
Reason for the trading strategy (technically):
Price shot up and reached our profit target perfectly before dropping from there. We are now seeing strong support broken triggering a double top reversal. The plan is to sell below major resistance at 0.9672 (overlap resistance, Fibonacci retracement) for a push down to at least 0.9580 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
RSI (34) sees our long term ascending line broken triggering a bearish exit and a change in momentum.