USDCHF Approaching Support, Prepare For A Bounce!
Buy above 0.9858.
Stop loss at 0.9796.
Take profit at 0.9970.
Reason for the trading strategy (technically):
USDCHF is approaching support at 0.9858 (100% Fibonacci extension, 76.4% & 23.6% Fibonacci retracement, horizontal swing low support) where we expect price to bounce up to its resistance at 0.9970 (61.8% & 50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is testing its support 4.37% where a corresponding bounce could occur.
Stop loss at 0.9796.
Take profit at 0.9970.
Reason for the trading strategy (technically):
USDCHF is approaching support at 0.9858 (100% Fibonacci extension, 76.4% & 23.6% Fibonacci retracement, horizontal swing low support) where we expect price to bounce up to its resistance at 0.9970 (61.8% & 50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is testing its support 4.37% where a corresponding bounce could occur.