#USDCHF approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 0.92683 where we have 61.8% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 0.91998, which is in line with horizontal overlap support, 127.2% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 0.92888, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.92683
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.91998
Why we like it:
horizontal overlap support, 127.2% Fibonacci extension level
1st Resistance:
0.92888
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.92683 where we have 61.8% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 0.91998, which is in line with horizontal overlap support, 127.2% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 0.92888, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.92683
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.91998
Why we like it:
horizontal overlap support, 127.2% Fibonacci extension level
1st Resistance:
0.92888
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
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