Chart USD/CHF Update: Consolidating sharp losses - studies under pressure
Consolidation around 0.7900 has given way to a sharp break lower to congestion support at 0.7800 in heightened volatility
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8000 | ** | break level | S1 | 0.7800 | * | congestion | |
| R3 | 0.7950 | * | congestion | S2 | 0.7770 | ** | 61.8% ret of Jan-Mar rally | |
| R2 | 0.7900 | ** | congestion | S3 | 0.7750 | * | congestion | |
| R1 | 0.7850 | * | congestion | S4 | 0.7700/10 | ** | congestion; 76.4% ret |
Asterisk denotes strength of level
10:05 BST - Consolidation around 0.7900 has given way to a sharp break lower to congestion support at 0.7800 in heightened volatility, where oversold intraday studies are prompting fresh consolidation. Daily readings have turned down and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. However, a close below the 0.7770 Fibonacci retracement is needed to turn sentiment negative and extend late-March losses below 0.7750 towards 0.7700/10. Meanwhile, resistance is lowered to congestion around 0.7850. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 0.7900.