USDCHF testing major resistance, prepare to sell
Sell below 0.9446. Stop loss at 0.9572. Take profit at 0.9264.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.9446 (Multiple Fibonacci retracements, horizontal pullback resistance, bearish ichimoku cloud) and we expect a strong reaction from here for price to drop further to 0.9264 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 98% where a corresponding reaction could occur.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.9446 (Multiple Fibonacci retracements, horizontal pullback resistance, bearish ichimoku cloud) and we expect a strong reaction from here for price to drop further to 0.9264 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 98% where a corresponding reaction could occur.