USDCHF profit target reached, prepare for a bounce
Buy above 0.9264. Stop loss at 0.9199. Take profit at 0.9438.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area to our profit target. We prepare to buy above major support at 0.9264 (Fibonacci extension, horizontal swing low support, bullish exit) for a bounce up to at least 0.9438 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 6.5% where a corresponding bounce could occur.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area to our profit target. We prepare to buy above major support at 0.9264 (Fibonacci extension, horizontal swing low support, bullish exit) for a bounce up to at least 0.9438 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 6.5% where a corresponding bounce could occur.