USD/CHF dropping nicely from our selling area, remain bearish for a further drop

The price has touched our selling area and reversed perfectly. We remain bearish looking to sell below 0.9669 resistance (Fibonacci retracement, horizontal overlap resistance) for a further drop to at least 0.9589 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support). We also shift our stop loss to 0.9701 to protect our profits.

Stochastic (55,5,3) is dropping nicely from our 97% resistance and has good downside potential.

Sell below 0.9669. Stop loss is at 0.9701. Take profit is at 0.9589.

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

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