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MEX_Exchange
Dec 13, 2017 2:30 AM

USD/CHF approaching major support, prepare to buy Long

U.S. Dollar/Swiss FrancFXCM

Description

Buy above 0.9883. Stop loss at 0.9848. Take profit at 0.9971.
Reason for the trading strategy (technically):
Price is approaching major support at 0.9983 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) and we expect to see a nice bounce above this level to push price up to at least 0.9971 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is approaching major support at 2.1% where we expect a corresponding bounce.
Comments
Ancibion
You mean major support at 0.9883?
davesaf
@Ryan.wangsa, yes, should be ...
FerriJi
what makes it will bounce to 0.9971 and why not to 50% fib?
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