USDCHF on resistance, prepare to sell
Sell below 0.9981. Stop loss at 1.0037. Take profit at 0.9877.
Reason for the trading strategy (technically):
Price is now testing significant resistance at 0.9981 (multiple Fibonacci extensions) and we intend to see a small corrective move to at least 0.9877 (Fibonacci retracement, horizontal overlap support). Caution should be exercised on this trade as we can’t find any horizontal resistance level at our selling area.
Stochastic (34,5,3) is testing our 94% resistance level where we expect a corresponding drop from.
Reason for the trading strategy (technically):
Price is now testing significant resistance at 0.9981 (multiple Fibonacci extensions) and we intend to see a small corrective move to at least 0.9877 (Fibonacci retracement, horizontal overlap support). Caution should be exercised on this trade as we can’t find any horizontal resistance level at our selling area.
Stochastic (34,5,3) is testing our 94% resistance level where we expect a corresponding drop from.
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