USDCHF Bounced off Support, Prepare For A Rise
Buy above 0.9900. Stop loss at 0.9854. Take profit at 0.9985.
Reason for the trading strategy (technically):
USDCHF has bounced off its support at 0.9900 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where we expect price to rise to its resistance at 0.9985 (horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 1.34% where a corresponding rise is expected.
Reason for the trading strategy (technically):
USDCHF has bounced off its support at 0.9900 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where we expect price to rise to its resistance at 0.9985 (horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 1.34% where a corresponding rise is expected.