#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.91564 which is in line with 50.0% Fibonacci retracement level and horizontal overlap resistance. Price can potentially take support at 0.91111, which is in line with 127.2% Fibonacci extension level and horizontal swing low support. Alternatively, price may rise up to our resistance at 0.91808, which coincides with horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91564
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap resistance
1st Support:
0.91111
Why we like it:
127.2% Fibonacci extension level and horizontal swing low support
1st Resistance:
0.91808
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.91564 which is in line with 50.0% Fibonacci retracement level and horizontal overlap resistance. Price can potentially take support at 0.91111, which is in line with 127.2% Fibonacci extension level and horizontal swing low support. Alternatively, price may rise up to our resistance at 0.91808, which coincides with horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91564
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap resistance
1st Support:
0.91111
Why we like it:
127.2% Fibonacci extension level and horizontal swing low support
1st Resistance:
0.91808
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.