USDCHF, H4 approaching Pivot, potential for a bearish breakout.
Description
Price approaching our Pivot point at 0.88865 which is in line with 78.6% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 0.88495, a fibonacci confluence. It is worth noting that the price is under the Ichimoku clouds, in line with our bearish analysis.
Pivot: 0.88865
Why we like it:
78.6% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.88495
Why we like it:
-27% fibonacci retracement, 200% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.89240
Why we like it:
23.6%, 61.8% fibonacci retracement and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Price approaching our Pivot point at 0.88865 which is in line with 78.6% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 0.88495, a fibonacci confluence. It is worth noting that the price is under the Ichimoku clouds, in line with our bearish analysis.
Pivot: 0.88865
Why we like it:
78.6% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.88495
Why we like it:
-27% fibonacci retracement, 200% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.89240
Why we like it:
23.6%, 61.8% fibonacci retracement and horizontal graphical overlap.
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.