EUR/CHF Trade Setup: Strategic Short Position
Entry: Sell at 0.9912
- Rationale: This level aligns with the 61.8% Fibonacci retracement, a key resistance point suggesting a potential reversal.
Stop Loss: 0.9932
- Rationale: Positioned above the resistance level to protect against upside risk.
Take Profit: 0.9882
- Rationale: Targeting the support level where we expect the price to find buying interest.
Market Context:
- The current trend is bullish, but a potential turnaround is possible as indicated on the daily timeframe.
- The 61.8% Fibonacci retracement level at 0.9912 is a significant resistance point.
Strategy:
- Monitor the price action for confirmation of a reversal at the 0.9912 level.
- Enter the trade with a clear stop loss at 0.9932 and take profit at 0.9882.
Good luck with your trades!
