USDCHF, H4 is testing our Pivot, potential for a drop.

Description
Price is currently testing our Pivot point at 0.89010, which is in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 0.88633, a fibonacci confluence. It is worth noting that the price is under the Ichimoku clouds as well as the descending trendline, in line with our bearish analysis.

Pivot: 0.89010
Why we like it:
78.6% Fibonacci retracement, 100% Fibonacci extension, descending trendline resistance and horizontal graphical overlap

1st Support: 0.88633
Why we like it:
161.8%, 88% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap

1st Resistance: 0.89313
Why we like it:
23.6%, 78.6% fibonacci retracement and horizontal graphical overlap.
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