#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.92276 which is in line with 161.8% Fibonacci extension levelhorizontal swing high resistance. Price can potentially take support at 0.91871, which is in line with horizontal overlap support, 38.2% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 0.92474, which coincides with horizontal swing high resistance . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.92276
Why we like it:
161.8% Fibonacci extension levelhorizontal swing high resistance
1st Support:
0.91871
Why we like it:
horizontal overlap support, 38.2% Fibonacci retracement level
1st Resistance:
0.92474
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.92276 which is in line with 161.8% Fibonacci extension levelhorizontal swing high resistance. Price can potentially take support at 0.91871, which is in line with horizontal overlap support, 38.2% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 0.92474, which coincides with horizontal swing high resistance . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.92276
Why we like it:
161.8% Fibonacci extension levelhorizontal swing high resistance
1st Support:
0.91871
Why we like it:
horizontal overlap support, 38.2% Fibonacci retracement level
1st Resistance:
0.92474
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.