FX.co ★ USD/CHF testing major resistance, prepare to sell

Price is now testing major resistance at 0.9645 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) and we expect a strong reaction from this level for a drop towards 0.9552 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is testing major resistance at 97% where we expect a drop from. We can also see that bearish divergence has formed vs price signalling that a reversal is impending.

Sell below 0.9645. Stop loss at 0.9677. Take profit at 0.9552.