#USDCHF approaching pivot, potential for a drop!
Price is looking to retrace back to pivot level at 0.91590 which is in-line with 38.2% Fibonacci retracement and moving averages resistance. Prices may potentially face bearish pressure from pivot and drop to support at 0.90461 which is in-line with 78.6% Fibonacci retracement, 78.6% Fibonacci extension and ascending trendline support.
Alternatively, price may continue to bounce above our support level to resistance at 0.92477, which coincides with 100% Fibonacci retracement level and 61.8% Fibonacci extension level.
Pivot:
0.91590
Why we like it:
38.2% Fibonacci retracement and moving averages resistancestance
1st Support:
0.90461
Why we like it:
78.6% Fibonacci retracement, 78.6% Fibonacci extension and ascending trendline support
1st Resistance:
0.92477
Why we like it:
100% Fibonacci retracement level and 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may continue to bounce above our support level to resistance at 0.92477, which coincides with 100% Fibonacci retracement level and 61.8% Fibonacci extension level.
Pivot:
0.91590
Why we like it:
38.2% Fibonacci retracement and moving averages resistancestance
1st Support:
0.90461
Why we like it:
78.6% Fibonacci retracement, 78.6% Fibonacci extension and ascending trendline support
1st Resistance:
0.92477
Why we like it:
100% Fibonacci retracement level and 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
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