GBPCHF Testing Major Resistance, Time To Sell
GBPCHF is testing strong resistance presenting us with a good selling opportunity.
Sell below 1.3466. Stop loss at 1.3527. Take profit at 1.3335.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.3466 (Fibonacci retracement, horizontal swing high resistance, bearish harmonic formation) and a strong reaction could occur from this level to push prices down to major support at 1.3335 (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 97% and a corresponding reaction could occur from this level.
Sell below 1.3466. Stop loss at 1.3527. Take profit at 1.3335.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.3466 (Fibonacci retracement, horizontal swing high resistance, bearish harmonic formation) and a strong reaction could occur from this level to push prices down to major support at 1.3335 (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 97% and a corresponding reaction could occur from this level.