USDCHF, H4 passed our Pivot, potential for a drop.
Description
Price has broken our Pivot point at 0.92168, which is in line with 61.8% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 0.91546, in line with 127% fibonacci retracement and 161.8% fibonacci extension. It is worth noting that price is trending under the Ichimoku cloud and MACD is under the 0 line, in line with our bearish analysis.
Pivot: 0.92168
Why we like it:
61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.91546
Why we like it:
127% fibonacci retracement and 161.8% fibonacci extension
1st Resistance: 0.92760
Why we like it:
78.6% fibonacci retracement, previous swing high and descending trendline resistance
Trading FX & CFDs carries high risk.
Price has broken our Pivot point at 0.92168, which is in line with 61.8% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 0.91546, in line with 127% fibonacci retracement and 161.8% fibonacci extension. It is worth noting that price is trending under the Ichimoku cloud and MACD is under the 0 line, in line with our bearish analysis.
Pivot: 0.92168
Why we like it:
61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.91546
Why we like it:
127% fibonacci retracement and 161.8% fibonacci extension
1st Resistance: 0.92760
Why we like it:
78.6% fibonacci retracement, previous swing high and descending trendline resistance
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.