USDCHF bouncing perfectly off support approaching profit target
Sell below 0.9697. Stop loss at 0.9732. Take profit at 0.9588.
Reason for the trading strategy (technically):
Price touched our buying area from Friday and has bounced off perfectly whilst continuing its rise towards our profit target. We prepare to sell below major resistance at 0.9697 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 0.9588 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance below 97% and we expect a corresponding reaction from that level similar to the one we expect on price.
Reason for the trading strategy (technically):
Price touched our buying area from Friday and has bounced off perfectly whilst continuing its rise towards our profit target. We prepare to sell below major resistance at 0.9697 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 0.9588 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance below 97% and we expect a corresponding reaction from that level similar to the one we expect on price.