Sell below 1.0177. Stop loss at 1.0215. Take profit at 1.0115.
Reason for the trading strategy (technically):
Price is now at major resistance 1.0177 (Fibonacci retracement, horizontal swing high resistance) where we expect a reaction from for a drop to at least 1.0115 support (Fibonacci retracement, horizontal pullback support).
Stochastic (21,5,3) is seeing major resistance below the 90% level.
Reason for the trading strategy (fundamentally):
The main news event driving the USD today is the U. of Michigan Confidence. It assesses consumer confidence regarding personal finances, business conditions and purchasing power based on hundreds of telephone surveys. A low or falling University of Michigan Sentiment value is considered an early indicator of an economic downturn. We’re expecting a higher value which means a stronger USD, which goes against our bearish USDCHF trade, hence it is best to exercise caution on this trade.