#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.9145 which is in line with 50.0% Fibonacci retracement level and horizontal swing low support. Price can potentially take support at 0.91971, which is in line with horizontal swing low support, 200% Fibonacci extension level. Alternatively, price may rise up to our resistance at 0.91745, which coincides with 78.6% Fibonacci retracement level and horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91450
Why we like it:
50.0% Fibonacci retracement level and horizontal swing low support
1st Support:
0.91971
Why we like it:
horizontal swing low support, 200% Fibonacci extension level
1st Resistance:
0.91745
Why we like it:
78.6% Fibonacci retracement level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.9145 which is in line with 50.0% Fibonacci retracement level and horizontal swing low support. Price can potentially take support at 0.91971, which is in line with horizontal swing low support, 200% Fibonacci extension level. Alternatively, price may rise up to our resistance at 0.91745, which coincides with 78.6% Fibonacci retracement level and horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91450
Why we like it:
50.0% Fibonacci retracement level and horizontal swing low support
1st Support:
0.91971
Why we like it:
horizontal swing low support, 200% Fibonacci extension level
1st Resistance:
0.91745
Why we like it:
78.6% Fibonacci retracement level and horizontal overlap resistance
Trading FX & CFDs carries high risk.