#USDCHF approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 0.92173 where we have 50.0% Fibonacci retracement levelhorizontal overlap support lining up. A reversal from this level might see price take support at 0.91716, which is in line with 78.6% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.93313, which coincides with 78.6% Fibonacci extension levelhorizontal overlap resistance . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.92173
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap support
1st Support:
0.91716
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
0.93313
Why we like it:
78.6% Fibonacci extension levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.92173 where we have 50.0% Fibonacci retracement levelhorizontal overlap support lining up. A reversal from this level might see price take support at 0.91716, which is in line with 78.6% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.93313, which coincides with 78.6% Fibonacci extension levelhorizontal overlap resistance . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.92173
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap support
1st Support:
0.91716
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
0.93313
Why we like it:
78.6% Fibonacci extension levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
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