#USDCHF approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.92016 which is in line with 127.2% Fibonacci extension level, 100% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 0.9145, which is in line with horizontal overlap support, 61.8% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 0.92285, which coincides with 127.2% Fibonacci extension level and horizontal overlap resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
0.92016
Why we like it:
127.2% Fibonacci extension level, 100% Fibonacci extension level & horizontal swing high resistance
1st Support:
0.91450
Why we like it:
horizontal overlap support, 61.8% Fibonacci retracement level
1st Resistance:
0.92285
Why we like it:
127.2% Fibonacci extension level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.92016 which is in line with 127.2% Fibonacci extension level, 100% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 0.9145, which is in line with horizontal overlap support, 61.8% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 0.92285, which coincides with 127.2% Fibonacci extension level and horizontal overlap resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
0.92016
Why we like it:
127.2% Fibonacci extension level, 100% Fibonacci extension level & horizontal swing high resistance
1st Support:
0.91450
Why we like it:
horizontal overlap support, 61.8% Fibonacci retracement level
1st Resistance:
0.92285
Why we like it:
127.2% Fibonacci extension level and horizontal overlap 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.