USDCHF, H4 approaching Pivot, potential for a bearish breakout.
Description
Price approaching our Pivot point at 0.88865 which is in line with 78.6% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 0.88495, a fibonacci confluence. It is worth noting that the price is under the Ichimoku clouds, in line with our bearish analysis.
Pivot: 0.88865
Why we like it:
78.6% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.88495
Why we like it:
-27% fibonacci retracement, 200% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.89240
Why we like it:
23.6%, 61.8% fibonacci retracement and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Price approaching our Pivot point at 0.88865 which is in line with 78.6% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 0.88495, a fibonacci confluence. It is worth noting that the price is under the Ichimoku clouds, in line with our bearish analysis.
Pivot: 0.88865
Why we like it:
78.6% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.88495
Why we like it:
-27% fibonacci retracement, 200% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.89240
Why we like it:
23.6%, 61.8% fibonacci retracement and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
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