#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.92136 which is in line with 61.8% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 0.90607, which is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.93087, which coincides with 127.2% Fibonacci retracement level & 161.8% Fibonacci extension level . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.92136
Why we like it:
61.8% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing high resistance
1st Support:
0.90607
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.93087
127.2% Fibonacci retracement level & 161.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.92136 which is in line with 61.8% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 0.90607, which is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.93087, which coincides with 127.2% Fibonacci retracement level & 161.8% Fibonacci extension level . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.92136
Why we like it:
61.8% Fibonacci retracement level, 76.4% Fibonacci extension level & horizontal swing high resistance
1st Support:
0.90607
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.93087
127.2% Fibonacci retracement level & 161.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.