#USDCHF, H4 approaching pivot, potential for bearish reversal
Description
Price is reacting below key pivot level of 0.93008 where we have 161.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support lining up. A drop below this level might see price take support at 0.91427, which is in line with 161.8% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.94205, which coincides with 100% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.93008
Why we like it:
161.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Support:
0.91427
161.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.94205
100% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below key pivot level of 0.93008 where we have 161.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support lining up. A drop below this level might see price take support at 0.91427, which is in line with 161.8% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.94205, which coincides with 100% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.93008
Why we like it:
161.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Support:
0.91427
161.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.94205
100% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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