USDCHF testing ascending support, prepare for a bounce
USDCHF is seeing some nice support and a nice bounce could occur from here.
Buy above 0.9421. Stop loss at 0.9335. Take profit at 0.9536.
Reason for the trading strategy (technically):
Price is testing strong support at 0.9421 (ascending support, Fibonacci retracement, horizontal overlap support) and a strong bounce could occur from here to push price up to 0.9536 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension.
Stochastic (34,5,3) is also seeing strong support above 4.2% where a corresponmding bounce could occur.
Buy above 0.9421. Stop loss at 0.9335. Take profit at 0.9536.
Reason for the trading strategy (technically):
Price is testing strong support at 0.9421 (ascending support, Fibonacci retracement, horizontal overlap support) and a strong bounce could occur from here to push price up to 0.9536 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension.
Stochastic (34,5,3) is also seeing strong support above 4.2% where a corresponmding bounce could occur.
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.