#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.91688 which is in line with horizontal overlap resistance, 50.0% Fibonacci retracement level. Price can potentially take support at 0.91105, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 0.91941, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.91688
Why we like it:
horizontal overlap resistance, 50.0% Fibonacci retracement level
1st Support:
0.91105
Why we like it:
horizontal swing low support
1st Resistance:
0.91941
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.91688 which is in line with horizontal overlap resistance, 50.0% Fibonacci retracement level. Price can potentially take support at 0.91105, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 0.91941, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.91688
Why we like it:
horizontal overlap resistance, 50.0% Fibonacci retracement level
1st Support:
0.91105
Why we like it:
horizontal swing low support
1st Resistance:
0.91941
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.