#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.92869 which is in line with 50.0% Fibonacci retracement levelhorizontal pullback resistance. Price can potentially take support at 0.92322, which is in line with horizontal swing low support, 127.2% Fibonacci extension level. Alternatively, price may rise up to our resistance at 0.93024, which coincides with 50.0% Fibonacci retracement levelhorizontal swing high resistance . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.92869
Why we like it:
50.0% Fibonacci retracement levelhorizontal pullback resistance
1st Support:
0.92322
Why we like it:
horizontal swing low support, 127.2% Fibonacci extension level
1st Resistance:
0.93024
Why we like it:
50.0% Fibonacci retracement levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.92869 which is in line with 50.0% Fibonacci retracement levelhorizontal pullback resistance. Price can potentially take support at 0.92322, which is in line with horizontal swing low support, 127.2% Fibonacci extension level. Alternatively, price may rise up to our resistance at 0.93024, which coincides with 50.0% Fibonacci retracement levelhorizontal swing high resistance . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.92869
Why we like it:
50.0% Fibonacci retracement levelhorizontal pullback resistance
1st Support:
0.92322
Why we like it:
horizontal swing low support, 127.2% Fibonacci extension level
1st Resistance:
0.93024
Why we like it:
50.0% Fibonacci retracement levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.