#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.91407 which is in line with horizontal swing high resistance, 38.2% 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 0.91691, which coincides with 61.8% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91407
Why we like it:
horizontal swing high resistance, 38.2% Fibonacci retracement level
1st Support:
0.90919
Why we like it:
horizontal swing low support
1st Resistance:
0.91691
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.91407 which is in line with horizontal swing high resistance, 38.2% 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 0.91691, which coincides with 61.8% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91407
Why we like it:
horizontal swing high resistance, 38.2% Fibonacci retracement level
1st Support:
0.90919
Why we like it:
horizontal swing low support
1st Resistance:
0.91691
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.