theforexarmy
Short

USDCHF Testing Resistance, Prepare For Reversal

FOREXCOM:USDCHF   U.S. Dollar / Swiss Franc
Sell below 0.9808.
Stop loss at 0.9867.
Take profit at 0.9751.
Reason for the trading strategy (technically):
USDCHF is testing its resistance at 0.9808 (100% Fibonacci extension , 50% Fibonacci retracement , horizontal overlap resistance) where a reversal to its support at 0.9751 (23.6 % Fibonacci retracement , horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 98% where a corresponding drop is expected.

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