USDCHF H4 | Bearish reaction off 78.6% fibo projection?

TitleUSDCHF H4 | Bearish reaction off 78.6% fibo projection?TypeBearish ReversalPreference:Price has reacted off the pivot point at 0.8820, which is an overlap resistance and at the 78.6% fibo projection. There is a possibility for price to react off the 50% fibo retracement before falling down to the 1st support at 0.8713, which is at the 38.2% fibo retracement.Alternative scenario:If price breaks above the pivot, then price would rise to the 1st resistance at 0.8910, which is at the 61.8% fibo retracement and a pullback resistance.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.