USDCHF approaching profit target perfectly, remain bullish
Buy above 0.9937. Stop loss at 0.9872. Take profit at 1.0033.
Reason for the trading strategy (technically):
Price has started to approach our profit target perfectly. We can see that it has also made a bullish channel exit. We remain bullish above major support at 0.9937 (Fibonacci retracement, horizontal pullback support, Fibonacci extension) and we look to buy above this level for a push up to at least 1.0033 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (23,3,1) is bouncing up nicely and has made multiple bullish exits signalling a further rise is expected.
Reason for the trading strategy (technically):
Price has started to approach our profit target perfectly. We can see that it has also made a bullish channel exit. We remain bullish above major support at 0.9937 (Fibonacci retracement, horizontal pullback support, Fibonacci extension) and we look to buy above this level for a push up to at least 1.0033 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (23,3,1) is bouncing up nicely and has made multiple bullish exits signalling a further rise is expected.