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USDCHF testing major resistance, prepare to sell

Published on: 2018-02-12 01:20 GMT

Sell below 0.9446. Stop loss at 0.9572. Take profit at 0.9264.

Reason for the trading strategy (technically):

Price is testing major resistance at 0.9446 (Multiple Fibonacci retracements, horizontal pullback resistance, bearish ichimoku cloud) and we expect a strong reaction from here for price to drop further to 0.9264 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing major resistance below 98% where a corresponding reaction could occur.