USDCHF Testing Resistance, Prepare For Reversal
Sell below 0.9808.
Stop loss at 0.9867.
Take profit at 0.9751.
Reason for the trading strategy (technically):
USDCHF is testing its resistance at 0.9808 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.9751 (23.6 % Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 98% where a corresponding drop is expected.
Stop loss at 0.9867.
Take profit at 0.9751.
Reason for the trading strategy (technically):
USDCHF is testing its resistance at 0.9808 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.9751 (23.6 % Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 98% where a corresponding drop is expected.