USD/CHF approaching major support, prepare to buy
Buy above 0.9883. Stop loss at 0.9848. Take profit at 0.9971.
Reason for the trading strategy (technically):
Price is approaching major support at 0.9983 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) and we expect to see a nice bounce above this level to push price up to at least 0.9971 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is approaching major support at 2.1% where we expect a corresponding bounce.
Reason for the trading strategy (technically):
Price is approaching major support at 0.9983 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) and we expect to see a nice bounce above this level to push price up to at least 0.9971 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is approaching major support at 2.1% where we expect a corresponding bounce.