#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.92135 which is in line with 50.0% Fibonacci extension level and horizontal swing high resistance. Price can potentially drop to 1st support at 0.91553, which is in line with horizontal overlap support. Alternatively, price may rise up to our resistance at 0.92453, which coincides with 38.2% Fibonacci retracement level, horizontal overlap resistance & 78.6% Fibonacci retracement level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.92135
Why we like it:
50.0% Fibonacci extension level and horizontal swing high resistance
1st Support:
0.91553
Why we like it:
horizontal overlap support
1st Resistance:
0.92453
Why we like it:
38.2% Fibonacci retracement level, horizontal overlap resistance & 78.6% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.92135 which is in line with 50.0% Fibonacci extension level and horizontal swing high resistance. Price can potentially drop to 1st support at 0.91553, which is in line with horizontal overlap support. Alternatively, price may rise up to our resistance at 0.92453, which coincides with 38.2% Fibonacci retracement level, horizontal overlap resistance & 78.6% Fibonacci retracement level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.92135
Why we like it:
50.0% Fibonacci extension level and horizontal swing high resistance
1st Support:
0.91553
Why we like it:
horizontal overlap support
1st Resistance:
0.92453
Why we like it:
38.2% Fibonacci retracement level, horizontal overlap resistance & 78.6% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.