USDCHF testing our selling area and remains bearish
Sell below 0.9842. Stop loss at 0.9884. Take profit at 0.9733.
Reason for the trading strategy (technically):
Price has made a pullback to our selling area exactly as expected and is now testing our selling area. We remain bearish looking to sell on strength below major resistance at 0.9842 (Fibonacci retracement, horizontal overlap resistance, breakout pullback, bearish divergence) for a further push down to at least 0.9733 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is dropping nicely from our resistance and has also formed bearish divergence vs price signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price has made a pullback to our selling area exactly as expected and is now testing our selling area. We remain bearish looking to sell on strength below major resistance at 0.9842 (Fibonacci retracement, horizontal overlap resistance, breakout pullback, bearish divergence) for a further push down to at least 0.9733 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is dropping nicely from our resistance and has also formed bearish divergence vs price signalling that a reversal is impending.