USDCHF approaching major resistance, prepare to sell
Sell below 0.9770. Stop loss at 0.9809. Take profit at 0.9671.
Reason for the trading strategy (technically):
Price has reached our profit target perfectly from Monday. We prepare to sell below major resistance at 0.9770 (Fibonacci extension, horizontal swing high resistance) for a push down to at least 0.9671 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 98% and has reacted very well off it. We expect to see a further drop below this level.
Reason for the trading strategy (technically):
Price has reached our profit target perfectly from Monday. We prepare to sell below major resistance at 0.9770 (Fibonacci extension, horizontal swing high resistance) for a push down to at least 0.9671 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 98% and has reacted very well off it. We expect to see a further drop below this level.