#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.92231 which is in line with 61.8% Fibonacci retracement levelhorizontal overlap resistance. Price can potentially take support at 0.91693, which is in line with horizontal overlap support. Alternatively, price may rise up to our resistance at 0.92453, which coincides with 38.2% Fibonacci retracement levelhorizontal overlap resistance & 78.6% Fibonacci retracement level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.92231
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap resistance
1st Support:
0.91693
Why we like it:
horizontal overlap support
1st Resistance:
0.92453
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap resistance & 78.6% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.92231 which is in line with 61.8% Fibonacci retracement levelhorizontal overlap resistance. Price can potentially take support at 0.91693, which is in line with horizontal overlap support. Alternatively, price may rise up to our resistance at 0.92453, which coincides with 38.2% Fibonacci retracement levelhorizontal overlap resistance & 78.6% Fibonacci retracement level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.92231
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap resistance
1st Support:
0.91693
Why we like it:
horizontal overlap support
1st Resistance:
0.92453
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap resistance & 78.6% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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