USDCHF continues to test major resistance, remain bearish
Sell below 0.9861. Stop loss at 0.9978. Take profit at 0.9703.
Reason for the trading strategy (technically):
Price has reached our selling area and is starting to react off it nicely. We remain bearish below major resistance at 0.9861 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance) and we expect to see a strong reaction off this level to push price down to at least 0.9703 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance below 95% and also sees bearish divergence vs price, signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price has reached our selling area and is starting to react off it nicely. We remain bearish below major resistance at 0.9861 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance) and we expect to see a strong reaction off this level to push price down to at least 0.9703 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance below 95% and also sees bearish divergence vs price, signalling that a reversal is impending.
Aviso legal
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