Chart EUR/CHF Update: Balanced at strong support - background studies falling
Little change, as unwinding oversold intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9375 | congestion | S1 | 0.9190/00 | ** | 76.4% ret; congestion | ||
| R3 | 0.9350 | * | break level | S2 | 0.9170/77 | ** | 61.8% ret; 2 Jul (m) low | |
| R2 | 0.9300 | ** | congestion | S3 | 0.9150 | * | break level | |
| R1 | 0.9250 | ** | congestion | S4 | 0.9100 | ** | cong, 76.4% ret |
Asterisk denotes strength of level
10:55 BST - Little change, as unwinding oversold intraday studies keep near-term sentiment cautious and extend consolidation at strong support within the 0.9190 Fibonacci retracement and congestion around 0.9200. Daily readings remain under pressure and broader weekly charts are bearish, highlighting room for further losses in the coming sessions. A break below 0.9190/00 will add weight to already bearish price action and extend late-September losses towards strong support within 0.9170/77. Already oversold daily stochastics could prompt fresh consolidation around here, before a deeper retracement unfolds.
Meanwhile, resistance remains at congestion around 0.9250. A close above here, if seen, will help to stabilise sentiment and prompt consolidation beneath 0.9300.