USDCHF remain bearish
Sell below 0.9903. Stop loss at 0.9948. Take profit at 0.9784.
Reason for the trading strategy (technically):
Price continues to test our major selling area resistance. We remain bearish looking to sell at 0.9903 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a corrective drop to at least 0.9784 support (Fibonacci retracement, price gap).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a corresponding drop from. We can also see bearish divergence vs price signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price continues to test our major selling area resistance. We remain bearish looking to sell at 0.9903 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a corrective drop to at least 0.9784 support (Fibonacci retracement, price gap).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a corresponding drop from. We can also see bearish divergence vs price signalling that a reversal is impending.
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