#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.91323 which is in line with 50.0% Fibonacci retracement level horizontal overlap resistance. Price can potentially take support at 0.90879, which is in line with horizontal swing low support, 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 0.91544, which coincides with horizontal swing high resistance, 127.2% Fibonacci extension level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91323
Why we like it:
50.0% Fibonacci retracement level horizontal overlap resistance
1st Support:
0.90879
Why we like it:
horizontal swing low support, 100% Fibonacci extension level
1st Resistance:
0.91544
Why we like it:
horizontal swing high resistance, 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.91323 which is in line with 50.0% Fibonacci retracement level horizontal overlap resistance. Price can potentially take support at 0.90879, which is in line with horizontal swing low support, 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 0.91544, which coincides with horizontal swing high resistance, 127.2% Fibonacci extension level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91323
Why we like it:
50.0% Fibonacci retracement level horizontal overlap resistance
1st Support:
0.90879
Why we like it:
horizontal swing low support, 100% Fibonacci extension level
1st Resistance:
0.91544
Why we like it:
horizontal swing high resistance, 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
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