USDCHF, H4 breaking out of our Pivot point, potential for a drop
Description
Price is breaking out of our Pivot point at 0.88485 which is in line with 23.6%, 127% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 0.87839, a fibonacci confluence. It is worth noting that the MACD is below the 0 line, in line with our bearish analysis.
Pivot: 0.88485
Why we like it:
23.6%, 127% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 0.87839
Why we like it:
78.6%, 88% Fibonacci retracement, 88%, 227% fibonacci extension and horizontal swing low support.
1st Resistance: 0.89264
Why we like it:
50% fibonacci retracement, 61.8%, 78.6% fibonacci extension and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Price is breaking out of our Pivot point at 0.88485 which is in line with 23.6%, 127% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 0.87839, a fibonacci confluence. It is worth noting that the MACD is below the 0 line, in line with our bearish analysis.
Pivot: 0.88485
Why we like it:
23.6%, 127% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 0.87839
Why we like it:
78.6%, 88% Fibonacci retracement, 88%, 227% fibonacci extension and horizontal swing low support.
1st Resistance: 0.89264
Why we like it:
50% fibonacci retracement, 61.8%, 78.6% fibonacci extension and horizontal graphical overlap.
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.