USDCHF profit target reached, time to turn bearish
Sell below 1.0136. Stop loss at 1.0116. Take profit at 1.0071.
Reason for the trading strategy (technically):
Price has bounced up perfectly as expected yesterday and has reached our profit target. We turn bearish closing off our profitable bullish position because of the changing elements. We now look to sell below 1.0136 resistance (Fibonacci extension, Fibonacci retracement, horizontal resistance) for a push down to 1.0071 support (Fibonacci retracement, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance below the 95% level.
Reason for the trading strategy (technically):
Price has bounced up perfectly as expected yesterday and has reached our profit target. We turn bearish closing off our profitable bullish position because of the changing elements. We now look to sell below 1.0136 resistance (Fibonacci extension, Fibonacci retracement, horizontal resistance) for a push down to 1.0071 support (Fibonacci retracement, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance below the 95% level.
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