USDCHF right on selling area, time to go short
Sell below 0.9842. Stop loss at 0.9884. Take profit at 0.9733.
Reason for the trading strategy (technically):
Price has made a pullback to our selling area exactly as expected. We remain bearish looking to sell on strength below major resistance at 0.9842 (Fibonacci retracement, horizontal overlap resistance, breakout pullback) for a further push down to at least 0.9733 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is approaching our major resistance level of 97% where we expect a corresponding reaction from.
Reason for the trading strategy (technically):
Price has made a pullback to our selling area exactly as expected. We remain bearish looking to sell on strength below major resistance at 0.9842 (Fibonacci retracement, horizontal overlap resistance, breakout pullback) for a further push down to at least 0.9733 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is approaching our major resistance level of 97% where we expect a corresponding reaction from.