Intro: USDCHF is testing some really strong resistance now, good opportunity to start going short.
Sell below 0.9390. Stop loss at 0.9415. Take profit at 0.9321.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.9390 (Fibonacci extension, bearish harmonic formation, descending resistance) and a strong reaction could occur at this level to push price down to 0.9321 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 93% where a corresponding reaction could occur.
Sell below 0.9390. Stop loss at 0.9415. Take profit at 0.9321.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.9390 (Fibonacci extension, bearish harmonic formation, descending resistance) and a strong reaction could occur at this level to push price down to 0.9321 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 93% where a corresponding reaction could occur.