#USDCHF approaching pivot, potential for a bounce! Description
Description
Price is approaching pivot level of 0.90981, which is in line with 161.8% Fibonacci extension level, 127.2% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 0.91519. This level coincides with horizontal overlap resistance. Finally, we can expect price to take support at 0.90791horizontal overlap support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.90981
Why we like it:
161.8% Fibonacci extension level, 127.2% Fibonacci extension level & horizontal overlap support
1st Support:
0.90791
Why we like it:
horizontal overlap support
1st Resistance:
0.91519
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.90981, which is in line with 161.8% Fibonacci extension level, 127.2% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 0.91519. This level coincides with horizontal overlap resistance. Finally, we can expect price to take support at 0.90791horizontal overlap support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.90981
Why we like it:
161.8% Fibonacci extension level, 127.2% Fibonacci extension level & horizontal overlap support
1st Support:
0.90791
Why we like it:
horizontal overlap support
1st Resistance:
0.91519
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.