USD/CHF approaching major support, prepare to buy

The price has crept 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 signaling that a reversal is fast approaching.

Buy above 0.9598. Stop loss is at 0.9557. Take profit is at 0.9697.


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