Published: 2025-07-28T08:32:11.000Z
Chart USD/CHF Update: Room for higher
Senior Technical Strategist
1
Choppy trade around 0.7950 is giving way to a move higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8170 | * | 50% ret of May-Jul fall | S1 | 0.7900 | congestion | ||
| R3 | 0.8100 | * | cong, 38.2% ret | S2 | 0.7870~ | ** | 1 Jul YTD low | |
| R2 | 0.8065 | * | 17 Jul (w) high | S3 | 0.7850 | ** | 76.4% ret of 2011-2016 rally | |
| R1 | 0.8000 | ** | congestion | S4 | 0.7800 | congestion |
Asterisk denotes strength of level
09:20 BST - Choppy trade around 0.7950 is giving way to a move higher, with focus turning to congestion resistance at 0.8000. Intraday studies have turned higher and mixed daily readings are also improving, highlighting room for a test above here. Focus will then turn to the 0.8065 weekly high of 17 July. But overbought intraday studies could limit any initial tests in consolidation. Broader weekly charts are showing improvement, but a close above 0.8065 is needed to turn sentiment positive and confirm continuation of July gains. Meanwhile, support remains at congestion around 0.7900 and should underpin any immediate tests lower.