#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.91943 which is in line with horizontal overlap resistance. Price can potentially take support at 0.91661, which is in line with horizontal swing low support, 127.2% Fibonacci extension level & 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 0.92034, which coincides with 23.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91943
Why we like it:
horizontal overlap resistance
1st Support:
0.91661
Why we like it:
horizontal swing low support, 127.2% Fibonacci extension level & 100% Fibonacci extension level
1st Resistance:
0.92034
Why we like it:
23.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.91943 which is in line with horizontal overlap resistance. Price can potentially take support at 0.91661, which is in line with horizontal swing low support, 127.2% Fibonacci extension level & 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 0.92034, which coincides with 23.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.91943
Why we like it:
horizontal overlap resistance
1st Support:
0.91661
Why we like it:
horizontal swing low support, 127.2% Fibonacci extension level & 100% Fibonacci extension level
1st Resistance:
0.92034
Why we like it:
23.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.