#USDCHF approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 0.90933 where we have 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level lining up. A reversal from this level might see price take support at 0.9045, which is in line with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 0.91355, which coincides with 78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal pullback resistance . This is further supported by how price is holding below the EMA
Pivot:
0.90933
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level
1st Support:
0.90450
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level
1st Resistance:
0.91355
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal pullback resistance
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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.