USDCHF Approaching Major Support, Prepare For A Bounce
USDCHF is approaching major support and we can expect a bounce soon.
Buy above 0.9499. Stop loss at 0.9459. Take profit at 0.9582.
Reason for the trading strategy (technically):
Price is approaching our major support area of 0.9500 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, Elliott wave structure) where we expect a bounce from to push prices all the way up to major resistance at 0.9582 (Fibonacci extension, horizontal swing high resistance, Elliott wave structure). We can already start scaling into our position when price is at the 0.9510 level.
Stochastic (89,5,3) is seeing strong support above 2.8% and we expect prices to bounce up when it’s around that level.
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