#USDCHF approaching pivot, potential for rise!
Description
Price broke out of the descending trendline resistance, signifying an overall bullish momentum. We can expect price to bounce from pivot level at 0.92290 in line with 100% Fibonacci projection and 50% Fibonacci retracement towards 1st Resistance at 0.93040 in line with 127.2% Fibonacci projection. Our bullish bias is further supported by the price holding above the Ichimoku cloud. Alternatively, price could push down towards 1st Support at 0.91829 in line with 127.2% Fibonacci projection and 78.6% Fibonacci retracement.
Pivot:
0.91829
Why we like it:
Horizontal overlap support ,100% Fibonacci projection and 50% Fibonacci retracement
1st Support:
0.91829
Why we like it:
horizontal swing low support
1st Resistance:
0.93040
Why we like it:
Horizontal overlap resistance and 127.2% Fibonacci projection
Trading FX & CFDs carries high risk.
Price broke out of the descending trendline resistance, signifying an overall bullish momentum. We can expect price to bounce from pivot level at 0.92290 in line with 100% Fibonacci projection and 50% Fibonacci retracement towards 1st Resistance at 0.93040 in line with 127.2% Fibonacci projection. Our bullish bias is further supported by the price holding above the Ichimoku cloud. Alternatively, price could push down towards 1st Support at 0.91829 in line with 127.2% Fibonacci projection and 78.6% Fibonacci retracement.
Pivot:
0.91829
Why we like it:
Horizontal overlap support ,100% Fibonacci projection and 50% Fibonacci retracement
1st Support:
0.91829
Why we like it:
horizontal swing low support
1st Resistance:
0.93040
Why we like it:
Horizontal overlap resistance and 127.2% Fibonacci projection
Trading FX & CFDs carries high risk.