USDCHF, H4 approaching our Pivot, potential for a reversal.
Price is approaching our Pivot point at 0.91869, which is in line with 61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal pullback resistance. We could potentially see price reverse at our Pivot towards our 1st support level at 0.91084, in line with -27.2% Fibonacci retracement and 100% Fibonacci extension. It is worth noting that price continues to hold below both the descending trendline and moving average resistances, showing bearish pressure in line with our bearish bias.
Pivot: 0.91869
Why we like it:
61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal pullback resistance
1st Support: 0.91084
Why we like it:
-27.2% Fibonacci retracement and 100% Fibonacci extension
1st Resistance: 0.92461
Why we like it:
127.2% Fibonacci retracement and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot: 0.91869
Why we like it:
61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal pullback resistance
1st Support: 0.91084
Why we like it:
-27.2% Fibonacci retracement and 100% Fibonacci extension
1st Resistance: 0.92461
Why we like it:
127.2% Fibonacci retracement and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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