USDCHF approaching pullback resistance, remain bearish
Sell below0.9842. Stop loss at 0.9884. Take profit at 0.9733.
Reason for the trading strategy (technically):
Price has been making a pullback to our selling area. We remain bearish looking to sell on strength below major resistance at 0.9842 (Fibonacci retracement, horizontal overlap resistance, breakout pullback) for a further push down to at least 0.9733 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) tells us that we’ll be seeing a small corrective bounce to enable us to get into our position.
Reason for the trading strategy (technically):
Price has been making a pullback to our selling area. We remain bearish looking to sell on strength below major resistance at 0.9842 (Fibonacci retracement, horizontal overlap resistance, breakout pullback) for a further push down to at least 0.9733 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) tells us that we’ll be seeing a small corrective bounce to enable us to get into our position.