The price shot up yesterday and is now testing major resistance. We prepare to sell below major resistance at 0.9687 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a push down to at least 0.9602 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 94% where we expect a further drop from.
Correlation analysis: EUR/USD and USD/CHF are negatively correlated, meaning they move in opposite directions. It is good to see a bounce on EUR/USD and a corresponding drop in USD/CHF.
Sell below 0.9687. Stop loss at 0.9741. Take profit at 0.9602.
