#USDCHF approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 0.93018 where we have 50.0% Fibonacci retracement level horizontal swing high resistance lining up. A reversal from this level might see price take support at 0.92322, which is in line with horizontal overlap support, 38.2% Fibonacci retracement level. Finally, price is unlikely to surpass our strong resistance at 0.93321, which coincides with 127.2% Fibonacci retracement level . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.93018
Why we like it:
50.0% Fibonacci retracement level horizontal swing high resistance
1st Support:
0.92322
Why we like it:
horizontal overlap support, 38.2% Fibonacci retracement level
1st Resistance:
0.93321
Why we like it:
127.2% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.93018 where we have 50.0% Fibonacci retracement level horizontal swing high resistance lining up. A reversal from this level might see price take support at 0.92322, which is in line with horizontal overlap support, 38.2% Fibonacci retracement level. Finally, price is unlikely to surpass our strong resistance at 0.93321, which coincides with 127.2% Fibonacci retracement level . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.93018
Why we like it:
50.0% Fibonacci retracement level horizontal swing high resistance
1st Support:
0.92322
Why we like it:
horizontal overlap support, 38.2% Fibonacci retracement level
1st Resistance:
0.93321
Why we like it:
127.2% Fibonacci retracement level
Trading FX & CFDs carries high risk.