Chart EUR/CHF Update: Range extension - background under pressure
The test of congestion resistance at 0.9200 has given way to further consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9350 | * | break level | S1 | 0.9150 | * | break level | |
| R3 | 0.9300 | ** | congestion | S2 | 0.9130 | 3 Nov low | ||
| R2 | 0.9250 | ** | congestion | S3 | 0.9100 | ** | congestion, 76.4% ret | |
| R1 | 0.9200 | ** | congestion | S4 | 0.9050 | ** | break level |
Asterisk denotes strength of level
10:50 GMT - The test of congestion resistance at 0.9200 has given way to further consolidation, with prices currently balanced around 0.9175. Daily stochastics are rising, suggesting room for a retest of 0.9200. But a tick lower in the daily Tension Indicator and bearish weekly charts should limit any tests in renewed selling interest. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath further congestion around 0.9250.
Meanwhile, support remains at 0.9150. A close beneath here will add weight to sentiment and open up strong support at 0.9100. However, flat oversold weekly stochastics should limit any initial tests in short-covering/consolidation.