USDCHF dropping nicely from our selling area, remain bearish
Sell below 0.9669. Stop loss at 0.9701. Take profit at 0.9589.
Reason for the trading strategy (technically):
Price has touched our selling area and reversed perfectly. We remain bearish looking to sell below 0.9669 resistance (Fibonacci retracement, horizontal overlap resistance) for a further drop to at least 0.9589 support (Fibonacci retracement, fibonacci extension, horizontal swing low support). We also shift our stop loss to 0.9701 to protect our profits.
Stochastic (55,5,3) is dropping nicely from our 97% resistance and has good downside potential.
Reason for the trading strategy (technically):
Price has touched our selling area and reversed perfectly. We remain bearish looking to sell below 0.9669 resistance (Fibonacci retracement, horizontal overlap resistance) for a further drop to at least 0.9589 support (Fibonacci retracement, fibonacci extension, horizontal swing low support). We also shift our stop loss to 0.9701 to protect our profits.
Stochastic (55,5,3) is dropping nicely from our 97% resistance and has good downside potential.
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