USDCHF Broke Out Of Ascending Support, Prepare For Further Drop!
Sell below 0.9911.
Stop loss at 0.9936.
Take profit at 0.9859.
Reason for the trading strategy (technically):
USDCHF broke out of its ascending support line where it is not testing its resistance at 0.9911 (61.8% & 38.2% Fibonacci retracement, horizontal overlap resistance) where price is expected to reversed and fall to its support at 0.9859 (76.4% Fibonacci retracement, horizontal swing low support).
Stochastic (21, 5, 3) is testing its resistance at 98% where a corresponding reversal is expected. Ichimoku cloud is showing signs of bearish pressure that contributes to our bearish bias.
Stop loss at 0.9936.
Take profit at 0.9859.
Reason for the trading strategy (technically):
USDCHF broke out of its ascending support line where it is not testing its resistance at 0.9911 (61.8% & 38.2% Fibonacci retracement, horizontal overlap resistance) where price is expected to reversed and fall to its support at 0.9859 (76.4% Fibonacci retracement, horizontal swing low support).
Stochastic (21, 5, 3) is testing its resistance at 98% where a corresponding reversal is expected. Ichimoku cloud is showing signs of bearish pressure that contributes to our bearish bias.