USDCHF testing major support, prepare to buy
Buy above 0.9741. Stop loss at 0.9704. Take profit at 0.9809.
Reason for the trading strategy (technically):
Price is testing major support at 0.9741 (Fibonacci extension, Fibonacci retracement, bullish divergence) and we expect a nice bounce above this level to push price up to at least 0.9809 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
Stochastic (34,3,1) is seeing strong support above 11% and also sees bullish divergence vs price, signalling that a bounce is impending.
Reason for the trading strategy (technically):
Price is testing major support at 0.9741 (Fibonacci extension, Fibonacci retracement, bullish divergence) and we expect a nice bounce above this level to push price up to at least 0.9809 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
Stochastic (34,3,1) is seeing strong support above 11% and also sees bullish divergence vs price, signalling that a bounce is impending.