USDCHF testing ascending support, prepare for a bounce
USDCHF is seeing some nice support and a nice bounce could occur from here.
Buy above 0.9421. Stop loss at 0.9335. Take profit at 0.9536.
Reason for the trading strategy (technically):
Price is testing strong support at 0.9421 (ascending support, Fibonacci retracement, horizontal overlap support) and a strong bounce could occur from here to push price up to 0.9536 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension.
Stochastic (34,5,3) is also seeing strong support above 4.2% where a corresponmding bounce could occur.
Buy above 0.9421. Stop loss at 0.9335. Take profit at 0.9536.
Reason for the trading strategy (technically):
Price is testing strong support at 0.9421 (ascending support, Fibonacci retracement, horizontal overlap support) and a strong bounce could occur from here to push price up to 0.9536 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension.
Stochastic (34,5,3) is also seeing strong support above 4.2% where a corresponmding bounce could occur.