USDCHF, H4 is reversing to our Pivot point, potential for drop
Description
Price is reversing towards our Pivot point at 0.89504 which is in line with our 61.8% Fibonacci extension, 50% Fibonacci retracement and horizontal overlap resistance. We could potentially see price drop towards our 1st support level at 0.88855. 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.
Pivot: 0.89504
Why we like it:
61.8% Fibonacci extension, 50% Fibonacci retracement and horizontal overlap resistance
1st Support: 0.88855
Why we like it:
161.8%, 127% Fibonacci extension and horizontal swing low support
1st Resistance: 0.89928
Why we like it:
78.6% Fibonacci extension, 78.6% Fibonacci retracement and horizontal graphical overlap resistance
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