USDCHF testing major resistance, remain bearish
Sell below 0.9734. Stop loss at 0.9756. Take profit at 0.9675.
Reason for the trading strategy (technically):
Price is now testing major resistance at 0.9734 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction from this level to drive price down to at least 0.9675 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
RSI (34) has broken below our long term ascending support-turned-resistance line signalling that a change in momentum is about to be seen in price. It is also now on pullback resistance.
Reason for the trading strategy (technically):
Price is now testing major resistance at 0.9734 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction from this level to drive price down to at least 0.9675 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
RSI (34) has broken below our long term ascending support-turned-resistance line signalling that a change in momentum is about to be seen in price. It is also now on pullback resistance.