#USDCHF, H4 is reversing from our Pivot, potential for a drop.

#USDCHF, H4 is reversing from our Pivot, potential for a drop.

Price is reacting below our pivot level at 0.92493 which is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension levelhorizontal swing high resistance. Price can potentially take support at 0.92158, which is in line with 61.8% Fibonacci retracement level, 100% Fibonacci extension level. This is further supported by how price is within a bearish channe.

Pivot:
0.92493

Why we like it:
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level and horizontal swing high resistance

1st Support:
0.92158
61.8% Fibonacci retracement level, 100% Fibonacci extension level

1st Resistance:
0.92670
-27.2%Fibonacci retracement level, 161.8% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk