The price is right on major resistance at 1.1746 (Fibonacci extension, channel resistance) and we expect to see a reaction off this level for a drop towards 1.1617 support (Fibonacci retracement, multiple swing low support).
Stochastic (34,5,3) is seeing major resistance below 98% where we expect a corresponding reaction from.
Correlation analysis: USD/CHF and EUR/USD are negatively correlated. So it is nice to see a bounce on USD/CHF and a correlated drop on EUR/USD.
Sell below 1.1746. Stop loss is at 1.1782. Take profit is at 1.1617.
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