USDCHF dropping perfectly towards our profit target,bearish
Sell below 0.9935. Stop loss at 0.9990. Take profit at 0.9847.
Reason for the trading strategy (technically):
Price has started to drop really nicely towards our profit target. We look to remain bearish and sell on strength below 0.9935 resistance (Multiple Fibonacci retracement, pullback resistance) for a strong push down to at least 0.9847 support (head and shoulders exit potential, swing low support, Fibonacci extension).
Stochastic (34,3,1) is seeing major resistance below 96% and also intermediate resistance at 77% where a further drop is expected.
Reason for the trading strategy (technically):
Price has started to drop really nicely towards our profit target. We look to remain bearish and sell on strength below 0.9935 resistance (Multiple Fibonacci retracement, pullback resistance) for a strong push down to at least 0.9847 support (head and shoulders exit potential, swing low support, Fibonacci extension).
Stochastic (34,3,1) is seeing major resistance below 96% and also intermediate resistance at 77% where a further drop is expected.
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