#USDCHF approaching pivot, potential for a drop!
Price is reacting below our pivot level at 0.92025 which is in line with horizontal swing high resistance, 78.6% Fibonacci extension level. Price can potentially take support at 0.91504, which is in line with 50.0% Fibonacci retracement levelhorizontal overlap support. Alternatively, price may rise up to our resistance at 0.92424, which coincides with horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.92025
Why we like it:
horizontal swing high resistance, 78.6% Fibonacci extension level
1st Support:
0.91504
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
0.92424
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
0.92025
Why we like it:
horizontal swing high resistance, 78.6% Fibonacci extension level
1st Support:
0.91504
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
0.92424
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
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