#USDCHF approaching pivot, potential for rise!

2022年1月12日

Description
Price broke out of the descending trendline resistance, signifying an overall bullish momentum. We can expect price to bounce from pivot level at 0.92290 in line with 100% Fibonacci projection and 50% Fibonacci retracement towards 1st Resistance at 0.93040 in line with 127.2% Fibonacci projection. Our bullish bias is further supported by the price holding above the Ichimoku cloud. Alternatively, price could push down towards 1st Support at 0.91829 in line with 127.2% Fibonacci projection and 78.6% Fibonacci retracement.


Pivot:
0.91829
Why we like it:
Horizontal overlap support ,100% Fibonacci projection and 50% Fibonacci retracement

1st Support:
0.91829
Why we like it:
horizontal swing low support

1st Resistance:
0.93040
Why we like it:
Horizontal overlap resistance and 127.2% Fibonacci projection

Trading FX & CFDs carries high risk.