Chart EUR/CHF Update: Under pressure
Steady losses have reached congestion support around 0.9400 in both EUR- and CHF-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9600 | ** | congestion | S1 | 0.9400 | * | congestion | |
| R3 | 0.9550 | congestion | S2 | 0.9375 | ** | 61.8% ret of Nov-Mar rally | ||
| R2 | 0.9500 | ** | break level | S3 | 0.9350 | ** | congestion | |
| R1 | 0.9450 | * | break level | S4 | 0.9300/10 | ** | congestion; 76.4% ret |
Asterisk denotes strength of level
09:20 BST - Steady losses have reached congestion support around 0.9400 in both EUR- and CHF-driven trade, with prices currently balanced around 0.9415 as oversold intraday studies flatten. Daily readings have turned down, highlighting room for still deeper losses, with a later break below the 0.9375 Fibonacci retracement opening up congestion around 0.9350. However, by-then oversold daily stochastics could limit any initial tests in short-covering/consolidation. Meanwhile, resistance is lowered to the 0.9450 break level. A close above here is needed to help stabilise price action and prompt consolidation beneath 0.9500.