#USDCHF approaching pivot, potential for a reversal!
Price is testing and holding below pivot level of 0.9235 where we have 61.8% Fibonacci extension level, horizontal swing high resistance lining up. A reversal from this level might see price take support at 0.91865, which is in line with 23.6% Fibonacci retracement level, horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.92928, which coincides with -27.2% Fibonacci retracement level, 78.6% Fibonacci extension level . This is further supported by how price is likely to reverse off the Stochastic resistance level .
Pivot:
0.92350
Why we like it:
61.8% Fibonacci extension levelhorizontal swing high resistance
1st Support:
0.91865
Why we like it:
23.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
0.92928
Why we like it:
-27.2% Fibonacci retracement level, 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
Pivot:
0.92350
Why we like it:
61.8% Fibonacci extension levelhorizontal swing high resistance
1st Support:
0.91865
Why we like it:
23.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
0.92928
Why we like it:
-27.2% Fibonacci retracement level, 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
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