USDCHF is approaching resistance where we can expect a strong drop.
Sell below 0.9951. Stop loss 0.9992. Take profit at 0.9856.
Reason for the trading strategy (technically):
USDCHF is approaching our resistance at 0.9951 (horizontal pullback resistance, 23.6% Fibonacci retracement) and we expect price to drop below this level to our support at 0.9856 (horizontal pullback support, 23.6% Fibonacci retracement) which coincides with our short term ascending support line.
RSI (89) is approaching its resistance and a reaction off this level is a good precursor for a drop in price.
Sell below 0.9951. Stop loss 0.9992. Take profit at 0.9856.
Reason for the trading strategy (technically):
USDCHF is approaching our resistance at 0.9951 (horizontal pullback resistance, 23.6% Fibonacci retracement) and we expect price to drop below this level to our support at 0.9856 (horizontal pullback support, 23.6% Fibonacci retracement) which coincides with our short term ascending support line.
RSI (89) is approaching its resistance and a reaction off this level is a good precursor for a drop in price.