USDCHF right on major support, prepare to buy
Buy above 0.9440. Stop loss at 0.9419. Take profit at 0.9491.
Reason for the trading strategy (technically):
Price has dropped further and is now testing major support at 0.9440 (Fibonacci extension, lowest point in past 2 years) and we expect to see a bounce above this level to at least 0.9491 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is bouncing nicely above our support at 3.6%.
Reason for the trading strategy (technically):
Price has dropped further and is now testing major support at 0.9440 (Fibonacci extension, lowest point in past 2 years) and we expect to see a bounce above this level to at least 0.9491 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is bouncing nicely above our support at 3.6%.
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