#USDCHF approaching pivot, potential for a drop!
Price is reacting below our pivot level at 0.92136 which is in line with 61.8% Fibonacci retracement level & horizontal swing high resistance. Price can potentially take support at 0.90607, which is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 0.93087, which coincides with 127.2% Fibonacci retracement level . This is further supported by how price is holding below the EMA
Pivot:
0.92136
Why we like it:
61.8% Fibonacci retracement level & horizontal swing high resistance
1st Support:
0.90607
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.93087
127.2% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Pivot:
0.92136
Why we like it:
61.8% Fibonacci retracement level & horizontal swing high resistance
1st Support:
0.90607
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Resistance:
0.93087
127.2% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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