USD-CHF testing resistance; possible reversal?
USD-CHF is testing its resistance where a reversal could occur.
Sell below 0.9956.
Stop loss at 0.9994.
Take profit at 0.9917.
Reason for the trading strategy (technically):
USD-CHF is testing its resistance at 0.9956 (100% Fibonacci extension, 23.6 % Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.9917 (horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.
Disclaimer: analytics is a marketing communication only. It is not investment advice or research. Trading is risky.
Sell below 0.9956.
Stop loss at 0.9994.
Take profit at 0.9917.
Reason for the trading strategy (technically):
USD-CHF is testing its resistance at 0.9956 (100% Fibonacci extension, 23.6 % Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.9917 (horizontal swing low support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.
Disclaimer: analytics is a marketing communication only. It is not investment advice or research. Trading is risky.