#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.91849 which is in line with horizontal overlap resistance, 38.2% Fibonacci retracement level. Price can potentially take support at 0.91535, which is in line with horizontal swing low support, 100% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.91995, which coincides with 78.6% Fibonacci retracement levelhorizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91849
Why we like it:
horizontal overlap resistance, 38.2% Fibonacci retracement level
1st Support:
0.91535
Why we like it:
horizontal swing low support, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.91995
Why we like it:
78.6% Fibonacci retracement levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.91849 which is in line with horizontal overlap resistance, 38.2% Fibonacci retracement level. Price can potentially take support at 0.91535, which is in line with horizontal swing low support, 100% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.91995, which coincides with 78.6% Fibonacci retracement levelhorizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91849
Why we like it:
horizontal overlap resistance, 38.2% Fibonacci retracement level
1st Support:
0.91535
Why we like it:
horizontal swing low support, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.91995
Why we like it:
78.6% Fibonacci retracement levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.