The price has shot up and reached our profit target perfectly. We prepare to sell below 1.1485 resistance (Fibonacci extension, horizontal swing high resistance) for a push down to at least 1.1419 support (Fibonacci retracement, horizontal pull back support).
Stochastic (34,5,3) is testing major resistance at 97% signaling that a reversal is fast approaching.
Correlation analysis: EUR/USD and USD/CHF are negatively correlated, meaning they move in opposite directions. It's good to see a drop on EUR/USD and a corresponding bounce in USD/CHF.
Sell below 1.1485. Stop loss is at 1.1511. Take profit is at 1.1419.
