USDCHF dropping nicely, remain bearish
Sell below 0.9958. Stop loss at 1.0027. Take profit at 0.9857.
Reason for the trading strategy (technically):
Price is dropping nicely from yesterday. We remain bearish below 0.9958 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci projection, long term descending resistance, EURUSD negative correlation) for another push down to 0.9857 support (Fibonacci projection, recent swing low support).
Stochastic (21,5,3) has reacted off our 92% resistance as expected and has good downside potential.
Reason for the trading strategy (technically):
Price is dropping nicely from yesterday. We remain bearish below 0.9958 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci projection, long term descending resistance, EURUSD negative correlation) for another push down to 0.9857 support (Fibonacci projection, recent swing low support).
Stochastic (21,5,3) has reacted off our 92% resistance as expected and has good downside potential.
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