USDCHF, H4 is reacting under our Pivot point, potential for drop
Description
Price is reacting under our Pivot point at 0.89113 which is in line with our 61.8% Fibonacci extension, 50% Fibonacci retracement and horizontal overlap resistance. We could potentially see price drop towards our 1st support level at 0.88466. It is worth noting that price is currently trending under both the Ichimoku cloud and EMA (21) which is showing bearish pressure in line with our analysis.
Pivot: 0.89113
Why we like it:
61.8% Fibonacci extension, 50% Fibonacci retracement and horizontal overlap resistance
1st Support: 0.88466
Why we like it:
78.6% and 100% Fibonacci extension
1st Resistance: 0.89386
Why we like it:
100% Fibonacci extension, 88% Fibonacci retracement and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting under our Pivot point at 0.89113 which is in line with our 61.8% Fibonacci extension, 50% Fibonacci retracement and horizontal overlap resistance. We could potentially see price drop towards our 1st support level at 0.88466. It is worth noting that price is currently trending under both the Ichimoku cloud and EMA (21) which is showing bearish pressure in line with our analysis.
Pivot: 0.89113
Why we like it:
61.8% Fibonacci extension, 50% Fibonacci retracement and horizontal overlap resistance
1st Support: 0.88466
Why we like it:
78.6% and 100% Fibonacci extension
1st Resistance: 0.89386
Why we like it:
100% Fibonacci extension, 88% Fibonacci retracement and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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