USDCHF right on major support, prepare for a bounce
Buy above 0.9569. Stop loss at 0.9501. Take profit at 0.9699.
Reason for the trading strategy (technically):
Price is now testing major support at 0.9569 (Fibonacci extension, horizontal swing low support) and we expect a bounce above this level to push price up to at least 0.9699 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is seeing major support above 3.7% where a corresponding bounce could occur.
Reason for the trading strategy (technically):
Price is now testing major support at 0.9569 (Fibonacci extension, horizontal swing low support) and we expect a bounce above this level to push price up to at least 0.9699 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is seeing major support above 3.7% where a corresponding bounce could occur.