USDCHF approaching major support, prepare to buy
Buy above 0.9598. Stop loss at 0.9557. Take profit at 0.9697.
Reason for the trading strategy (technically):
Price has creeped closer to our major buying area since yesterday. We prepare to buy above major support at 0.9598 (Fibonacci retracement, horizontal overlap support, bullish divergence) for a push up to at least 0.9697 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing strong support above 2.3% where we expect a corresponding bounce in price from. We can also see bullish divergence vs price signalling that a reversal is fast approaching.
Reason for the trading strategy (technically):
Price has creeped closer to our major buying area since yesterday. We prepare to buy above major support at 0.9598 (Fibonacci retracement, horizontal overlap support, bullish divergence) for a push up to at least 0.9697 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing strong support above 2.3% where we expect a corresponding bounce in price from. We can also see bullish divergence vs price signalling that a reversal is fast approaching.