#USDCHF, H4 reversed from our Pivot, potential for a drop.
Description
Price has reversed from our Pivot point at 0.90045, which is in line with 50% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st Support level at 0.89278, in line with the -27% fibonacci retracement, 161.8% fibonacci extension and horizontal swing low. It is worth noting that the price is under the moving average, in line with our bearish view.
Pivot: 0.90045
Why we like it:
50% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.89278
Why we like it:
-27% fibonacci retracement, 161.8% fibonacci extension and horizontal swing low
1st Resistance: 0.90467
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 0.90045, which is in line with 50% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st Support level at 0.89278, in line with the -27% fibonacci retracement, 161.8% fibonacci extension and horizontal swing low. It is worth noting that the price is under the moving average, in line with our bearish view.
Pivot: 0.90045
Why we like it:
50% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.89278
Why we like it:
-27% fibonacci retracement, 161.8% fibonacci extension and horizontal swing low
1st Resistance: 0.90467
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
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