#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.92136 which is in line with 61.8% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 0.90607, which is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.93087, which coincides with 127.2% Fibonacci retracement level & 161.8% Fibonacci extension level . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.92136
Why we like it:
61.8% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing high resistance
1st Support:
0.90607
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.93087
127.2% Fibonacci retracement level & 161.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.92136 which is in line with 61.8% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 0.90607, which is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.93087, which coincides with 127.2% Fibonacci retracement level & 161.8% Fibonacci extension level . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.92136
Why we like it:
61.8% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing high resistance
1st Support:
0.90607
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.93087
127.2% Fibonacci retracement level & 161.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Disclaimer
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