#USDCHF approaching pivot, potential for a rise!
Description
Price has broken above our pivot level at 0.91806 which is in line with 38.2% Fibonacci retracement level and horizontal overlap support . We could potentially see a further rise from here towards 0.92697, which coincides with 61.8% Fibonacci retracement level and horizontal swing high resistance. Alternatively, we can expect price to drop to 1st support at 0.91376, which coincides with 78.6% Fibonacci retracement level and horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.91806
Why we like it:
38.2% Fibonacci retracement level and horizontal overlap support
1st Support:
0.91376
Why we like it:
78.6% Fibonacci retracement level and horizontal swing low support
1st Resistance:
0.92697
Why we like it:
61.8% Fibonacci retracement level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 0.91806 which is in line with 38.2% Fibonacci retracement level and horizontal overlap support . We could potentially see a further rise from here towards 0.92697, which coincides with 61.8% Fibonacci retracement level and horizontal swing high resistance. Alternatively, we can expect price to drop to 1st support at 0.91376, which coincides with 78.6% Fibonacci retracement level and horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.91806
Why we like it:
38.2% Fibonacci retracement level and horizontal overlap support
1st Support:
0.91376
Why we like it:
78.6% Fibonacci retracement level and horizontal swing low support
1st Resistance:
0.92697
Why we like it:
61.8% Fibonacci retracement level and horizontal swing high resistance
Trading FX & CFDs carries high risk.