#USDCHF approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 0.90648 where we have 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level lining up. A reversal from this level might see price take support at 0.90096, which is in line with -27.2% Fibonacci retracement level, 61.8% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 0.90897, which coincides with 100% Fibonacci extension level, 127.2% Fibonacci retracement level & 76.4% Fibonacci extension level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.90648
Why we like it:
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level
1st Support:
0.90096
-27.2% Fibonacci retracement level, 61.8% Fibonacci extension level
1st Resistance:
0.90897
100% Fibonacci extension level, 127.2% Fibonacci retracement level & 76.4% Fibonacci extension level
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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.