Daily – USDCHF profit target reached once again, prepare to sell

Published on: 2017-07-13 01:01 GMT

Sell below 0.9652. Stop loss at 0.9677. Take profit at 0.9598.

Reason for the trading strategy (technically):
Price has dropped to our buying level yesterday before shooting up and reaching our profit target for the 5th time in a row. We prepare to sell below 0.9652 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 0.9598 support (Fibonacci extension, horizontal overlap support, Fibonacci extension) once again.

Stochastic (55,5,3) is seeing strong resistance below 93% where we expect a strong reaction from.