USDCHF, H4 approaching our Pivot point, potential for a drop.
Price is approaching our Pivot point at 0.90110, in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension, where we could potentially see a drop from our pivot towards our 1st support level at 0.89399. It is worth noting that the Stochastic indicator is approaching the upper resistance level where it has reacted from before, showing signs of bearish pressure in line with our analysis.
Pivot: 0.90110
Why we like it:
78.6% Fibonacci retracement and 61.8% Fibonacci extension
1st Support: 0.89339
Why we like it:
50%, 127% Fibonacci retracement, 200% fibonacci extension and horizontal swing high resistance.
1st Resistance: 0.90449
Why we like it:
78.6% Fibonacci extension, 50% Fibonacci retracement and horizontal pullback support.
Trading FX & CFDs carries high risk.
Pivot: 0.90110
Why we like it:
78.6% Fibonacci retracement and 61.8% Fibonacci extension
1st Support: 0.89339
Why we like it:
50%, 127% Fibonacci retracement, 200% fibonacci extension and horizontal swing high resistance.
1st Resistance: 0.90449
Why we like it:
78.6% Fibonacci extension, 50% Fibonacci retracement and horizontal pullback support.
Trading FX & CFDs carries high risk.
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