#USDCHF approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 0.90933 where we have 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level lining up. A reversal from this level might see price take support at 0.9045, which is in line with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 0.91355, which coincides with 78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal pullback resistance . This is further supported by how price is holding below the EMA
Pivot:
0.90933
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level
1st Support:
0.90450
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level
1st Resistance:
0.91355
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal pullback resistance
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