#USDCHF approaching pivot, potential for a reversal!

4 авг. 2021 г.

Description

Price is approaching pivot level of 0.90648 where we have 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level lining up. A reversal from this level might see price take support at 0.90096, which is in line with -27.2% Fibonacci retracement level, 61.8% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 0.90897, which coincides with 100% Fibonacci extension level, 127.2% Fibonacci retracement level & 76.4% Fibonacci extension level . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
0.90648

Why we like it:
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level

1st Support:
0.90096
-27.2% Fibonacci retracement level, 61.8% Fibonacci extension level

1st Resistance:
0.90897
100% Fibonacci extension level, 127.2% Fibonacci retracement level & 76.4% Fibonacci extension level
Trading FX & CFDs carries high risk.