USDCHF approaching major resistance, prepare to sell
Sell below 0.9699. Stop loss at 0.9732. Take profit at 0.9589.
Reason for the trading strategy (technically):
Price is approaching a major level of resistance at 0.9699 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and we expect to see a major reaction off this level for a drop to at least 0.9589 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 97% and we expect a corresponding reaction off that level soon.
Reason for the trading strategy (technically):
Price is approaching a major level of resistance at 0.9699 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and we expect to see a major reaction off this level for a drop to at least 0.9589 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 97% and we expect a corresponding reaction off that level soon.