Chart EUR/CHF Update: Choppy trade - daily studies under pressure
The test above congestion resistance at 0.9180 has been pushed back from 0.9190~
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9250 | congestion | S1 | 0.9160 | * | 38.2% ret of March rally | ||
| R3 | 0.9225 | break level | S2 | 0.9150 | * | break level | ||
| R2 | 0.9200 | ** | break level | S3 | 0.9125 | ** | 50% ret of March rally | |
| R1 | 0.9180 | ** | congestion | S4 | 0.9100 | ** | congestion |
Asterisk denotes strength of level
11:05 BST - The test above congestion resistance at 0.9180 has been pushed back from 0.9190~, as overbought intraday studies unwind, with prices currently balanced around 0.9180. Oversold daily stochastics are flattening, suggesting room for further range trade, before the bearish daily Tension Indicator prompts a break down to support at the 0.9160 Fibonacci retracement. Beneath here is 0.9150. But mixed weekly charts should limit any extension beneath this range in renewed buying interest/consolidation above the 0.9125 retracement. Meanwhile, a close above resistance at the 0.9200 break level would help to stabilise price action and prompt consolidation beneath 0.9225.