Chart USD/CHF Update: Consolidating - studies leaning lower
Little change, as prices extend consolidation following the test of resistance at 0.9150
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9240 | ** | 50% ret of 2022-2023 fall | S1 | 0.9100 | ** | break level | |
| R3 | 0.9224 | ** | 1 May 2024 (y) high | S2 | 0.9050 | * | congestion | |
| R2 | 0.9200 | * | cong, 13 Jan YTD high | S3 | 0.9000 | ** | congestion | |
| R1 | 0.9150 | * | congestion tops | S4 | 0.8965 | ** | 50% ret of Dec-Jan rally |
Asterisk denotes strength of level
09:15 GMT - Little change, as prices extend consolidation following the test of resistance at 0.9150. Daily readings are coming under pressure and overbought weekly stochastics are unwinding, highlighting potential for a drift lower towards support at 0.9100. A break will add weight to sentiment and open up congestion around 0.9050. But already oversold daily stochastics should limit any immediate continuation beneath here in consolidation above further congestion around 0.9000. Meanwhile, a close above 0.9150, if seen, will target 0.9200, but deteriorating daily readings are expected to prompt fresh selling interest towards here.