USDCHF reversing from our Pivot point, potential for a drop

Description
Price is reversing from our Pivot point at 0.88439 which is in line with 78.6%, 38.2% fibonacci retracement, 50% Fibonacci extension and horizontal graphical support. We could potentially see price drop from our Pivot point towards our 1st support level at 0.87964. It is worth noting that the price is trending under the EMA (89) and Ichimoku cloud, in line with our bearish analysis.

Pivot: 0.88439
Why we like it:
78.6%, 38.2% fibonacci retracement, 50% Fibonacci extension and horizontal graphical resistance.

1st Support: 0.87964
Why we like it:
50% Fibonacci extension, 127% Fibonacci retracement and horizontal swing low support

1st Resistance: 0.88730
Why we like it:
78.6% Fibonacci extension, 50%, 61.8% fibonacci retracement and horizontal graphical overlap.
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