USDCHF profit target reached perfectly, prepare for a bounce
Buy above 0.9673. Stop loss at 0.9634. Take profit at 0.9735.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly and reached our profit target. We look to buy above 0.9673 support (100% Fibonacci extension, 61.8% Fibonacci extension, horizontal swing low support) for an intermediate corrective bounce to at least 0.9735 resistance (Fibonacci retracement, horizontal breakout level).
Stochastic (34,5,3) is seeing major support above 4.4% where a corresponding bounce is expected.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly and reached our profit target. We look to buy above 0.9673 support (100% Fibonacci extension, 61.8% Fibonacci extension, horizontal swing low support) for an intermediate corrective bounce to at least 0.9735 resistance (Fibonacci retracement, horizontal breakout level).
Stochastic (34,5,3) is seeing major support above 4.4% where a corresponding bounce is expected.