USDCHF Approaching Resistance, Prepare For A Reversal!
Sell below 0.9987.
Stop loss at 1.0031.
Take profit at 0.9919.
Reason for the trading strategy (technically):
USDCHF is approaching its resistance at 0.9987 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, multiple swing high resistance) where we expect to see a reversal, causing price to fall to its support at 0.9919 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is testing its resistance at 98% where a corresponding reversal is expected.
Stop loss at 1.0031.
Take profit at 0.9919.
Reason for the trading strategy (technically):
USDCHF is approaching its resistance at 0.9987 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, multiple swing high resistance) where we expect to see a reversal, causing price to fall to its support at 0.9919 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is testing its resistance at 98% where a corresponding reversal is expected.