USDCHF rising as expected to resistance, prepare to sell
Sell below 0.9842. Stop loss at 0.9884. Take profit at 0.9733.
Reason for the trading strategy (technically):
Price has started to bounce nicely as expected towards our breakout area of resistance. We remain bearish looking to sell on strength below major resistance at 0.9842 (Fibonacci retracement, horizontal overlap resistance, breakout pullback) for a further push down to at least 0.9733 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is approaching our major resistance level of 97% where we expect a corresponding reaction from.
Reason for the trading strategy (technically):
Price has started to bounce nicely as expected towards our breakout area of resistance. We remain bearish looking to sell on strength below major resistance at 0.9842 (Fibonacci retracement, horizontal overlap resistance, breakout pullback) for a further push down to at least 0.9733 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is approaching our major resistance level of 97% where we expect a corresponding reaction from.