#USDCHF approaching pivot, potential for a rise!
Description
Price has broken above our pivot level at 0.91869 which is in line with 78.6% Fibonacci retracement level and horizontal swing low support . We could potentially see a further rise from here towards 0.92668, which coincides with 50.0% Fibonacci retracement level and horizontal swing high resistance. Alternatively, we may see price drop to 1st support at 0.91049, which coincides with horizontal swing low support . This is further supported by how price is testing the support of the stochastics indicator.
Pivot:
0.91869
Why we like it:
78.6% Fibonacci retracement level and horizontal swing low support
1st Support:
0.91049
Why we like it:
Horizontal swing low support
1st Resistance:
0.92668
Why we like it:
50.0% Fibonacci retracement level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 0.91869 which is in line with 78.6% Fibonacci retracement level and horizontal swing low support . We could potentially see a further rise from here towards 0.92668, which coincides with 50.0% Fibonacci retracement level and horizontal swing high resistance. Alternatively, we may see price drop to 1st support at 0.91049, which coincides with horizontal swing low support . This is further supported by how price is testing the support of the stochastics indicator.
Pivot:
0.91869
Why we like it:
78.6% Fibonacci retracement level and horizontal swing low support
1st Support:
0.91049
Why we like it:
Horizontal swing low support
1st Resistance:
0.92668
Why we like it:
50.0% Fibonacci retracement level and horizontal swing high resistance
Trading FX & CFDs carries high risk.