#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.92187 which is in line with 61.8% Fibonacci retracement level and horizontal swing high resistance. Price can potentially drop to 1st support at 0.9165, which is in line with 78.6% Fibonacci extension level and horizontal swing low support. Alternatively, price may rise up to our 1st resistance at 0.92516, which coincides with 100% Fibonacci extension level and horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud support.
Pivot:
0.92187
Why we like it:
61.8% Fibonacci retracement level and horizontal swing high resistance
1st Support:
0.91650
Why we like it:
78.6% Fibonacci extension level and horizontal swing low support
1st Resistance:
0.92516
Why we like it:
100% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.92187 which is in line with 61.8% Fibonacci retracement level and horizontal swing high resistance. Price can potentially drop to 1st support at 0.9165, which is in line with 78.6% Fibonacci extension level and horizontal swing low support. Alternatively, price may rise up to our 1st resistance at 0.92516, which coincides with 100% Fibonacci extension level and horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud support.
Pivot:
0.92187
Why we like it:
61.8% Fibonacci retracement level and horizontal swing high resistance
1st Support:
0.91650
Why we like it:
78.6% Fibonacci extension level and horizontal swing low support
1st Resistance:
0.92516
Why we like it:
100% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.