USDCHF Approaching Support, Prepare For A Bounce!
Buy above 0.9858.
Stop loss at 0.9800.
Take profit at 0.9983.
Reason for the trading strategy (technically):
USDCHF is approaching its support at 0.9858 (61.8% Fibonacci extension, 76.4% & 23.6% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.9983 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 5% where a corresponding bounce could occur
Stop loss at 0.9800.
Take profit at 0.9983.
Reason for the trading strategy (technically):
USDCHF is approaching its support at 0.9858 (61.8% Fibonacci extension, 76.4% & 23.6% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.9983 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 5% where a corresponding bounce could occur