USDCHF reacting under our Pivot point, potential for a drop
Description
Price is reacting under our Pivot point at 0.88680 which is in line with our 61.8% Fibonacci extension, 23.8% Fibonacci retracement and horizontal overlap resistance. We could potentially see price drop towards our 1st support level at 0.88184. It is worth noting that price is currently trending under both the Ichimoku cloud and EMA (21) which is showing bearish pressure in line with our analysis. MACD is also under the 0 line, in line with our bearish view.
Pivot: 0.88680
Why we like it:
61.8% Fibonacci extension, 23.8% Fibonacci retracement and horizontal overlap resistance
1st Support: 0.88184
Why we like it:
127%,100% Fibonacci extension and -68% fibonacci retracement.
1st Resistance: 0.89072
Why we like it:
127% Fibonacci extension, 88% Fibonacci retracement and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting under our Pivot point at 0.88680 which is in line with our 61.8% Fibonacci extension, 23.8% Fibonacci retracement and horizontal overlap resistance. We could potentially see price drop towards our 1st support level at 0.88184. It is worth noting that price is currently trending under both the Ichimoku cloud and EMA (21) which is showing bearish pressure in line with our analysis. MACD is also under the 0 line, in line with our bearish view.
Pivot: 0.88680
Why we like it:
61.8% Fibonacci extension, 23.8% Fibonacci retracement and horizontal overlap resistance
1st Support: 0.88184
Why we like it:
127%,100% Fibonacci extension and -68% fibonacci retracement.
1st Resistance: 0.89072
Why we like it:
127% Fibonacci extension, 88% Fibonacci retracement and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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