Intro: USDCHF has reached our profit target bagging us some good pips. We prepare to sell as we’re approaching strong resistance.
Sell below 0.9467. Stop loss at 0.9499. Take profit at 0.9408.
Reason for the trading strategy (technically):
Price has shot up perfectly from our buying level yesterday and has reached our profit target. We prepare to sell below major resistance at 0.9467 (Fibonacci extension, horizontal swing high resistance) where a strong reaction would drive price down to 0.9408 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.