FX.co ★ USD/CHF profit target reached, prepare to turn bearish

Price has reached our profit target from yesterday. We prepare to turn bearish below 1.0256 (2016 all-time high resistance) for a drop to at least 1.0147 (Fibonacci retracement, horizontal pullback support). Stop loss is at 1.0283 which is a strong Fibonacci projection level + horizontal resistance level.

Stochastic (21,5,3) is seeing major resistance and we expect a reaction off this level.

Sell below 1.0256. Stop loss at 1.0283. Take profit at 1.0147.