USDCHF H4 | Bearish reaction off 38.2% Fibo?

TitleUSDCHF H4 | Bearish reaction off 38.2% Fibo?TypeBearish ReversalPreference:Price is rejecting the 38.2% fibo retracement level, which is the pivot point at 0.8776. Price could potentially form a double top, and have a bearish reaction, to fall to the 38.2% fibo retracement level at the 1st support at 0.8700.Alternative scenario:If price breaks above the pivot, then price could rise to the 1st resistance, which is at the 61.8% fibo retracement, at 0.8833.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.