#USDCHF approaching pivot, potential for a reversal!
Description
Price is respecting the resistance at our pivot level of 0.93624 where we have 78.6% Fibonacci extension levelhorizontal swing high resistance lining up. A reversal from this level might see price dip to support at 0.9266, which is in line with horizontal overlap support. Alternatively, price may break our strong resistance at pivot and head for 1st resistance at 0.94396, which coincides with 100% Fibonacci extension level, 127.2% Fibonacci extension level . This is further supported by how price is reversing off the RSI resistance level.
Pivot:
0.93624
Why we like it:
78.6% Fibonacci extension levelhorizontal swing high resistance
1st Support:
0.92660
Why we like it:
horizontal overlap support
1st Resistance:
0.94396
Why we like it:
100% Fibonacci extension level, 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Price is respecting the resistance at our pivot level of 0.93624 where we have 78.6% Fibonacci extension levelhorizontal swing high resistance lining up. A reversal from this level might see price dip to support at 0.9266, which is in line with horizontal overlap support. Alternatively, price may break our strong resistance at pivot and head for 1st resistance at 0.94396, which coincides with 100% Fibonacci extension level, 127.2% Fibonacci extension level . This is further supported by how price is reversing off the RSI resistance level.
Pivot:
0.93624
Why we like it:
78.6% Fibonacci extension levelhorizontal swing high resistance
1st Support:
0.92660
Why we like it:
horizontal overlap support
1st Resistance:
0.94396
Why we like it:
100% Fibonacci extension level, 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
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