USDCHF, H4 is testing our Pivot, potential for a drop.
Description
Price is currently testing our Pivot point at 0.89010, which is in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 0.88633, a fibonacci confluence. It is worth noting that the price is under the Ichimoku clouds as well as the descending trendline, in line with our bearish analysis.
Pivot: 0.89010
Why we like it:
78.6% Fibonacci retracement, 100% Fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 0.88633
Why we like it:
161.8%, 88% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.89313
Why we like it:
23.6%, 78.6% fibonacci retracement and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Price is currently testing our Pivot point at 0.89010, which is in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 0.88633, a fibonacci confluence. It is worth noting that the price is under the Ichimoku clouds as well as the descending trendline, in line with our bearish analysis.
Pivot: 0.89010
Why we like it:
78.6% Fibonacci retracement, 100% Fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 0.88633
Why we like it:
161.8%, 88% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.89313
Why we like it:
23.6%, 78.6% fibonacci retracement and horizontal graphical overlap.
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.
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.