USDCHF testing major resistance, time to start selling
Sell below 0.9861. Stop loss at 0.9978. Take profit at 0.9703.
Reason for the trading strategy (technically):
Price is approaching major resistance at 0.9861 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance) and we expect to see a strong reaction off this level to push price down to at least 0.9703 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance below 95% and also sees bearish divergence vs price, signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price is approaching major resistance at 0.9861 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance) and we expect to see a strong reaction off this level to push price down to at least 0.9703 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance below 95% and also sees bearish divergence vs price, signalling that a reversal is impending.
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