#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.93126 which is in line with 61.8% Fibonacci retracement levelhorizontal swing high resistance. Price can potentially take support at 0.92322, which is in line with 78.6% Fibonacci retracement levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 0.93024, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.93126
Why we like it:
61.8% Fibonacci retracement level horizontal swing high resistance
1st Support:
0.92322
Why we like it:
78.6% Fibonacci retracement level horizontal swing low support
1st Resistance:
0.93024
Why we like it:
78.6% Fibonacci retracement level horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.93126 which is in line with 61.8% Fibonacci retracement levelhorizontal swing high resistance. Price can potentially take support at 0.92322, which is in line with 78.6% Fibonacci retracement levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 0.93024, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.93126
Why we like it:
61.8% Fibonacci retracement level horizontal swing high resistance
1st Support:
0.92322
Why we like it:
78.6% Fibonacci retracement level horizontal swing low support
1st Resistance:
0.93024
Why we like it:
78.6% Fibonacci retracement level horizontal overlap resistance
Trading FX & CFDs carries high risk.