USD/CHF bouncing perfectly off support and approaching profit target, prepare to sell

Price touched our buying area from Friday and has bounced off perfectly whilst continuing its rise towards our profit target. We prepare to sell below major resistance at 0.9697 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 0.9588 support (Fibonacci extension, horizontal swing low support).

Stochastic (21,5,3) is seeing the major resistance below 97% and we expect a corresponding reaction from that level similar to the one we expect on price.

Sell below 0.9697. Set stop loss at 0.9732 and take profit at 0.9588.

analytics599a3ebe57c84.png

The material has been provided by InstaForex Company - www.instaforex.com