FX May 17, 2023 / 07:42 am UTC

Chart USD/CHF Update: Consolidating - studies improving

By Mike Macdonald


R40.9120*10 Apr (w) high
S10.8930*break level
S20.8875*intraday lows
S30.8820**4 May YTD low
12 May (w) high

08:35 BST - The anticipated break below support at 0.8930 proved short-lived, as prices found fresh buying interest around 0.8920 before bouncing back into range trade above 0.8930. Daily readings are turning mixed/positive and broader weekly charts are improving, highlighting a more constructive tone and potential for fresh gains in the coming sessions. Resistance remains at congestion around 0.9000. A close above here would turn sentiment cautiously positive and open up further congestion around 0.9100, where renewed selling interest is expected to appear. Meanwhile, any fresh tests below 0.8930 should meet buying interest towards intraday lows around 0.8875.

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