USDCHF approaching major support, prepare to buy
Buy above 0.9760. Stop loss at 0.9706. Take profit at 0.9834.
Reason for the trading strategy (technically):
Price is approaching major support at 0.9760 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect to see a bounce above this level to push price up to at least 0.9834 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,3,1) is seeing strong support above 5.8% where we expect a corresponding bounce from.
Reason for the trading strategy (technically):
Price is approaching major support at 0.9760 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect to see a bounce above this level to push price up to at least 0.9834 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,3,1) is seeing strong support above 5.8% where we expect a corresponding bounce from.
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