#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.91927 which is in line with 50.0% Fibonacci retracement level, 38.2% Fibonacci retracement level. Price can potentially take support at 0.91526, which is in line with 61.8% Fibonacci extension levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 0.92159, which coincides with horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91927
Why we like it:
50.0% Fibonacci retracement level, 38.2% Fibonacci retracement level
1st Support:
0.91526
Why we like it:
61.8% Fibonacci extension levelhorizontal swing low support
1st Resistance:
0.92159
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.91927 which is in line with 50.0% Fibonacci retracement level, 38.2% Fibonacci retracement level. Price can potentially take support at 0.91526, which is in line with 61.8% Fibonacci extension levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 0.92159, which coincides with horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91927
Why we like it:
50.0% Fibonacci retracement level, 38.2% Fibonacci retracement level
1st Support:
0.91526
Why we like it:
61.8% Fibonacci extension levelhorizontal swing low support
1st Resistance:
0.92159
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.