USDCHF approaching major resistance, prepare to sell
Sell below 0.9881. Stop loss at 0.9948. Take profit at 0.9738.
Reason for the trading strategy (technically):
Price is testing channel resistance and major resistance at 0.9881 (Fibonacci retracement, horizontal overlap resistance, channel resistance) and we expect to see a strong reaction from this level to push price down to at least 0.9738 support (Fibonacci retracement, horizontal swing low support, price gap).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a corresponding drop from.
Reason for the trading strategy (technically):
Price is testing channel resistance and major resistance at 0.9881 (Fibonacci retracement, horizontal overlap resistance, channel resistance) and we expect to see a strong reaction from this level to push price down to at least 0.9738 support (Fibonacci retracement, horizontal swing low support, price gap).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a corresponding drop from.