Sell below 0.9755. Stop loss at 0.9835. Take profit at 0.9637.
Reason for the trading strategy (technically) :
Price has risen to our selling area since yesterday. We remain bearish below this major resistance level.
0.9755 is a major Fibonacci retracement level + graphical resistance + Bollinger Band resistance.
Stochastics (21,5,3) has turned downwards from its 90% resistance level signalling a bearish move.
RSI (21) has turned downwards from its 70% resistance signalling a bearish move.
Reason for the trading strategy (fundamentally) :
USD Non-Farm Payrolls and Unemployment Rate announcements will affect the USD. Historically over the past 5 years, NFP figures have faced a lot of resistance every time it nears the 300k levels. We similarly expect a drop today which is in line with the estimated figure of 180k. We don’t expect the drop to be as strongly as 180k, most likely at 200k which means we expect USD strength from this news release. This is against our estimate on USDCHF dropping so it is safer to reduce the risk on your trade for USDCHF.
Reason for the trading strategy (technically) :
Price has risen to our selling area since yesterday. We remain bearish below this major resistance level.
0.9755 is a major Fibonacci retracement level + graphical resistance + Bollinger Band resistance.
Stochastics (21,5,3) has turned downwards from its 90% resistance level signalling a bearish move.
RSI (21) has turned downwards from its 70% resistance signalling a bearish move.
Reason for the trading strategy (fundamentally) :
USD Non-Farm Payrolls and Unemployment Rate announcements will affect the USD. Historically over the past 5 years, NFP figures have faced a lot of resistance every time it nears the 300k levels. We similarly expect a drop today which is in line with the estimated figure of 180k. We don’t expect the drop to be as strongly as 180k, most likely at 200k which means we expect USD strength from this news release. This is against our estimate on USDCHF dropping so it is safer to reduce the risk on your trade for USDCHF.
Exness - USDCHF remain bearish below strong resistance
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