Chart EUR/CHF Update: Limited CHF-driven gains
Consolidation is giving way to the anticipated move higher in CHF-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9350 | ** | congestion | S1 | 0.9210/12 | ** | 11 Apr - 21 Oct YTD lows | |
| R3 | 0.9330 | congestion | S2 | 0.9200/02 | ** | figure; 18 Nov 2024 (y) low | ||
| R2 | 0.9300 | ** | congestion | S3 | 0.9180 | ** | 14 Nov historic low | |
| R1 | 0.9250 | break level | S4 | 0.9150 | figure |
Asterisk denotes strength of level
10:55 GMT - Consolidation is giving way to the anticipated move higher in CHF-driven trade, as intraday studies rise and oversold daily stochastics flatten. Focus is on resistance at the 0.9250 break level. However, the negative daily Tension Indicator and deteriorating weekly charts should limit any tests in renewed selling interest. A close above here, if seen, would improve sentiment and extend gains towards congestion around 0.9300, where stronger selling interest is expected to appear. Following cautious trade, fresh losses are looked for. A break below the 0.9180 historic low of 14 November will add weight to sentiment and extend long-term losses to fresh historic lows.