GBPCHF is presenting us with a really good selling opportunity.
Sell below 1.3434. Stop loss at 1.3522. Take profit at 1.3145.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.3434 ( Fibonacci extension , bearish harmonic formation ) and a strong drop could occur from here to push prices all the way down to 1.3145 ( Fibonacci retracement , horizontal pullback support). We have our stop loss at 1.3522 ( Fibonacci extension , above major swing high resistance) to give our trade some breathing space.
Stochastic (89,5,3) is seeing major resistance below 96% and a corresponding reaction could occur at this level.
Live GBP.CHF updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
Should my daily predicted direction be incorrect no trade opportunity will be generated.
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