#USDCHF approaching pivot, potential for a drop!

Description
Price is reacting below our pivot level at 0.92242 which is in line with 38.2% Fibonacci retracement level and horizontal overlap resistance. Price can potentially drop to 1st support at 0.91713, which is in line with 127.2% Fibonacci extension level and horizontal overlap support. Alternatively, price may rise up to our 1st resistance at 0.92502, which coincides with 78.6% Fibonacci retracement level and horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
0.92242
Why we like it:
38.2% Fibonacci retracement level and horizontal overlap resistance

1st Support:
0.91713
Why we like it:
127.2% Fibonacci extension level and horizontal overlap support

1st Resistance:
0.92502
Why we like it:
78.6% Fibonacci retracement level and horizontal swing high resistance

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