#USDCHF approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 0.93104 where we have 78.6% Fibonacci retracement levelhorizontal swing high resistance lining up. A reversal from this level might see price take support at 0.92347, which is in line with 38.2% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.93568, which coincides with horizontal swing high resistance . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.93104
Why we like it:
78.6% Fibonacci retracement levelhorizontal swing high resistance
1st Support:
0.92347
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
0.93568
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.93104 where we have 78.6% Fibonacci retracement levelhorizontal swing high resistance lining up. A reversal from this level might see price take support at 0.92347, which is in line with 38.2% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.93568, which coincides with horizontal swing high resistance . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.93104
Why we like it:
78.6% Fibonacci retracement levelhorizontal swing high resistance
1st Support:
0.92347
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
0.93568
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
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