USDCHF profit target reached perfectly, prepare to buy bounce
Buy above 0.9578. Stop loss at 0.9525. Take profit at 0.9675.
Reason for the trading strategy (technically):
Price has dropped perfectly to our profit target as expected. We prepare to buy above major support at 0.9578 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) for a bounce up to at least 0.9675 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is seeing strong support above 3% where we expect a corresponding bounce from.
Reason for the trading strategy (technically):
Price has dropped perfectly to our profit target as expected. We prepare to buy above major support at 0.9578 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) for a bounce up to at least 0.9675 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is seeing strong support above 3% where we expect a corresponding bounce from.