USDCHF Approaching Resistance, Prepare For A Plunge
USDCHF is approaching resistance where we can expect a strong drop.
Sell below 0.9951. Stop loss 0.9992. Take profit at 0.9856.
Reason for the trading strategy (technically):
USDCHF is approaching our resistance at 0.9951 (horizontal pullback resistance, 23.6% Fibonacci retracement) and we expect price to drop below this level to our support at 0.9856 (horizontal pullback support, 23.6% Fibonacci retracement) which coincides with our short term ascending support line.
RSI (89) is approaching its resistance and a reaction off this level is a good precursor for a drop in price.
Sell below 0.9951. Stop loss 0.9992. Take profit at 0.9856.
Reason for the trading strategy (technically):
USDCHF is approaching our resistance at 0.9951 (horizontal pullback resistance, 23.6% Fibonacci retracement) and we expect price to drop below this level to our support at 0.9856 (horizontal pullback support, 23.6% Fibonacci retracement) which coincides with our short term ascending support line.
RSI (89) is approaching its resistance and a reaction off this level is a good precursor for a drop in price.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.