#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.92016 which is in line with 127.2% Fibonacci extension level, 100% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 0.9145, which is in line with horizontal overlap support, 61.8% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 0.92285, which coincides with 127.2% Fibonacci extension level and horizontal overlap resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
0.92016
Why we like it:
127.2% Fibonacci extension level, 100% Fibonacci extension level & horizontal swing high resistance
1st Support:
0.91450
Why we like it:
horizontal overlap support, 61.8% Fibonacci retracement level
1st Resistance:
0.92285
Why we like it:
127.2% Fibonacci extension level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.92016 which is in line with 127.2% Fibonacci extension level, 100% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 0.9145, which is in line with horizontal overlap support, 61.8% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 0.92285, which coincides with 127.2% Fibonacci extension level and horizontal overlap resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
0.92016
Why we like it:
127.2% Fibonacci extension level, 100% Fibonacci extension level & horizontal swing high resistance
1st Support:
0.91450
Why we like it:
horizontal overlap support, 61.8% Fibonacci retracement level
1st Resistance:
0.92285
Why we like it:
127.2% Fibonacci extension level and horizontal overlap resistance
Trading FX & CFDs carries high risk.