#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.9151 which is in line with horizontal overlap resistance, 61.8% Fibonacci retracement level. Price can potentially take support at 0.90919, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 0.91705, which coincides with horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91510
Why we like it:
horizontal overlap resistance, 61.8% Fibonacci retracement level
1st Support:
0.90919
Why we like it:
horizontal swing low support
1st Resistance:
0.91705
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.9151 which is in line with horizontal overlap resistance, 61.8% Fibonacci retracement level. Price can potentially take support at 0.90919, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 0.91705, which coincides with horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91510
Why we like it:
horizontal overlap resistance, 61.8% Fibonacci retracement level
1st Support:
0.90919
Why we like it:
horizontal swing low support
1st Resistance:
0.91705
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.