Chart EUR/CHF Update: Gains to remain limited
The anticipated break above 0.9050 has met selling interest around 0.9065/70
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9200 | ** | break level | S1 | 0.9050 | break level | ||
| R3 | 0.9180 | minor congestion | S2 | 0.9000 | ** | psychological | ||
| R2 | 0.9150 | ** | break level | S3 | 0.8980 | ** | 9 Mar YTD low | |
| R1 | 0.9100 | ** | break level | S4 | 0.8950 | * | figure |
Asterisk denotes strength of level
10:45 GMT - The anticipated break above 0.9050 has met selling interest around 0.9065/70, as intraday studies turn down, with prices currently balanced around 0.9055. Daily readings continue to rise, highlighting room for continuation towards the 0.9100 break level. But mixed/negative weekly charts and bearish longer-term readings should limit any initial tests in selling interest/consolidation. Following cautious/corrective trade, fresh losses are looked for. A break back below 0.9050 will open up 0.9000. But a further close below critical support at the 0.8980 current year low of 9 March is needed to turn sentiment negative and extend long-term bear trends, initially to 0.8950.