USDCHF forming a nice reversal, remain bearish
Sell below 0.9582. Stop loss at 0.9625. Take profit at 0.9483.
Reason for the trading strategy (technically):
Price has started to form a really nice reversal signal. We remain bearish looking to sell below major resistance at 0.9582 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a push down to at least 0.9483 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing strong resistance below 100% and we expect a corresponding drop from that level similar to the one we’re expecting on price. We can also see bearish divergence vs price signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price has started to form a really nice reversal signal. We remain bearish looking to sell below major resistance at 0.9582 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a push down to at least 0.9483 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing strong resistance below 100% and we expect a corresponding drop from that level similar to the one we’re expecting on price. We can also see bearish divergence vs price signalling that a reversal is impending.