#USDCHF, H4 approaching our Pivot, potential for a drop.

Description
Price is approaching our Pivot point at 0.89919, which is in line with 38.2% fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st Support level at 0.89556, in line with our 78.6% fibonacci retracement and 127% fibonacci extension. It is worth noting that the price is under the moving average, in line with our bearish view.

Pivot: 0.89919
Why we like it:
38.2% fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap

1st Support: 0.89556
Why we like it:
78.6% fibonacci retracement and 127% fibonacci extension

1st Resistance: 0.90238
Why we like it:
78.6% fibonacci retracement, 88% fibonacci extension and horizontal graphical overlap.
Trading FX & CFDs carries high risk.