FX November 05, 2018 / 02:06 pm UTC

Chart USD/CHF Update: Short-term reactions before prices continue higher

By Mike Macdonald
Chart
-- Level Comment -- Level Comment
R1 1.0070 ** 76.4% ret of 2016-2018 fall S1 1.0000 congestion
R2 1.0094 31 Oct (m) high S2 .9963/70 * 23.6% ret; intraday congestion
R3 1.0099 ** May 2017 high S3 0.9935 23 Oct low
R4 1.0170 ** March 2017 high S4 0.9917 18 Oct low

Asterisk denotes strength of level

13:55 GMT - The short-term corrective bounce has reached the 1.0070 Fibonacci retracement. However, any further immediate gains are expected to fade towards the 1.0094/99 barrier, as daily momentum readings and the Tension Indicator continue to weaken. Risk is for a minor pullback, before prices continue still higher. Support is at parity and extends to 0.9963/70. Prices need to stay above here to keep higher levels in focus.

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