GBPCHF Approaching Resistance, Prepare For A Drop
Sell below 1.3641. Stop loss 1.3702. Take profit at 1.3477.
Reason for the trading strategy (technically):
GBPCHF is approaching its resistance at 1.3641 (61.8% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal overlap resistance) where we expect prices to drop to its support at 1.3447 (38.2% Fibonacci retracement, horizontal overlap support). We do have to be cautious of the intermediate support at 1.3511 (horizontal swing low support).
Stochastic (55, 5, 3) is approaching resistance at 96% where a corresponding reaction is expected.
Reason for the trading strategy (technically):
GBPCHF is approaching its resistance at 1.3641 (61.8% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal overlap resistance) where we expect prices to drop to its support at 1.3447 (38.2% Fibonacci retracement, horizontal overlap support). We do have to be cautious of the intermediate support at 1.3511 (horizontal swing low support).
Stochastic (55, 5, 3) is approaching resistance at 96% where a corresponding reaction is expected.