#USDCHF, H4 approaching our Pivot, potential for a drop.
Description
Price is approaching our Pivot point at 0.91316, which is in line with 38.2%, 61.8% fibonacci retracement, moving average resistance and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st Support level at 0.90859, in line with the 78.6% fibonacci extension and horizontal swing low. It is worth noting that the price is under the moving average, in line with our bearish view. Do note to wait for pull back into our pivot before entering the trade.
Pivot: 0.91316
Why we like it:
38.2%, 61.8% fibonacci retracement, moving average resistance and horizontal graphical overlap
1st Support: 0.90859
Why we like it:
78.6% fibonacci extension and horizontal swing low
1st Resistance: 0.91609
Why we like it:
100% fibonacci extension, moving average resistance and horizontal swing high.
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