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

Description
Price is testing our Pivot point at 0.89406, which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st Support level at 0.89086, in line with our 127% fibonacci retracement and 100% fibonacci extension. It is worth noting that MACD is under the 0-line, in line with our bearish analysis.

Pivot: 0.89406
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap

1st Support: 0.89086
Why we like it:
127% fibonacci retracement and 100% fibonacci extension

1st Resistance: 0.89734
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical resistance
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