USDCHF Approaching Resistance, Prepare For Reversal
Sell below 0.9604.
Stop loss at 0.9626.
Take profit at 0.9554.
Reason for the trading strategy (technically):
USDCHF is testing its resistance at 0.9604 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.9554 (horizontal swing low support) is expected.
Stochastic (55, 5, 3) is approaching its resistance at 95% where a corresponding drop is expected.
Stop loss at 0.9626.
Take profit at 0.9554.
Reason for the trading strategy (technically):
USDCHF is testing its resistance at 0.9604 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.9554 (horizontal swing low support) is expected.
Stochastic (55, 5, 3) is approaching its resistance at 95% where a corresponding drop is expected.
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