#USDCHF, H4 is reversing from our Pivot, potential for a drop.
Description
Price is reversing from our Pivot point at 0.92042, which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical resistance. We could potentially see price drop from our Pivot point towards our 1st support level at 0.91388, in line with our -27% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high. It is worth noting that price is under the descending trendline, in line with our bearish analysis.
Pivot: 0.92042
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical resistance
1st Support: 0.91388
Why we like it:
-27% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high
1st Resistance: 0.92327
Why we like it:
127% fibonacci retracement, 127% fibonacci extension and horizontal swing high
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot point at 0.92042, which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical resistance. We could potentially see price drop from our Pivot point towards our 1st support level at 0.91388, in line with our -27% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high. It is worth noting that price is under the descending trendline, in line with our bearish analysis.
Pivot: 0.92042
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical resistance
1st Support: 0.91388
Why we like it:
-27% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high
1st Resistance: 0.92327
Why we like it:
127% fibonacci retracement, 127% fibonacci extension and horizontal swing high
Trading FX & CFDs carries high risk.
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