USDCHF, H4 is approaching our Pivot, potential for a drop.
Description
Price is approaching our Pivot point at 0.92478, which is in line with 38.2%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st Support level at 0.91914, in line with -27%, 78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. It is worth noting that price is trending under the descending trendline, Ichimoku cloud, and MACD is beneath the 0 line, all in line with our bearish analysis.
Pivot: 0.92478
Why we like it:
38.2%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.91914
Why we like it:
-27%, 78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.92871
Why we like it:
88% fibonacci retracement, 127% fibonacci extension level and horizontal swing high
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 0.92478, which is in line with 38.2%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st Support level at 0.91914, in line with -27%, 78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. It is worth noting that price is trending under the descending trendline, Ichimoku cloud, and MACD is beneath the 0 line, all in line with our bearish analysis.
Pivot: 0.92478
Why we like it:
38.2%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.91914
Why we like it:
-27%, 78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.92871
Why we like it:
88% fibonacci retracement, 127% fibonacci extension level and horizontal swing high
Trading FX & CFDs carries high risk.
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