USDCHF, H4 breaking out of our Pivot point, potential for a drop

Description
Price is breaking out of our Pivot point at 0.88485 which is in line with 23.6%, 127% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 0.87839, a fibonacci confluence. It is worth noting that the MACD is below the 0 line, in line with our bearish analysis.

Pivot: 0.88485
Why we like it:
23.6%, 127% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap

1st Support: 0.87839
Why we like it:
78.6%, 88% Fibonacci retracement, 88%, 227% fibonacci extension and horizontal swing low support.

1st Resistance: 0.89264
Why we like it:
50% fibonacci retracement, 61.8%, 78.6% fibonacci extension and horizontal graphical overlap.
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