USDCHF at major resistance, prepare to sell
Sell below 0.9958. Stop loss at 1.0027. Take profit at 0.9857.
Reason for the trading strategy (technically):
We remain bearish below 0.9958 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci projection) for another push down to 0.9857 support (Fibonacci projection, recent swing low support).
Stochastic (21,5,3) has reacted off our 92% resistance as expected and has good downside potential.
Reason for the trading strategy (technically):
We remain bearish below 0.9958 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci projection) for another push down to 0.9857 support (Fibonacci projection, recent swing low support).
Stochastic (21,5,3) has reacted off our 92% resistance as expected and has good downside potential.
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