Intro: USDCHF dropped strongly from our selling area and reached our profit target. Time to start buying again.
Buy above 0.9408. Stop loss at 0.9375. Take profit at 0.9486.
Reason for the trading strategy (technically):
Price has dropped strongly from our selling area and reached our profit target perfectly. We are now seeing major support at 0.9408 (Fibonacci retracement, horizontal overlap support, ascending support) and a strong bounce could occur at this level to push price up to 0.9486 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is seeing major support above 3.3% where a corresponding bounce could occur.
Buy above 0.9408. Stop loss at 0.9375. Take profit at 0.9486.
Reason for the trading strategy (technically):
Price has dropped strongly from our selling area and reached our profit target perfectly. We are now seeing major support at 0.9408 (Fibonacci retracement, horizontal overlap support, ascending support) and a strong bounce could occur at this level to push price up to 0.9486 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is seeing major support above 3.3% where a corresponding bounce could occur.