Chart USD/CHF Update: Choppy in range
The test below 0.7800 has bounced sharply from 0.7775, with prices currently balanced around 0.7815.
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8000 | * | break level | S1 | 0.7800 | * | congestion | |
| R3 | 0.7950 | * | congestion | S2 | 0.7770 | ** | 61.8% ret of Jan-Mar rally | |
| R2 | 0.7900 | ** | congestion | S3 | 0.7750 | * | congestion | |
| R1 | 0.7850 | * | congestion | S4 | 0.7700/10 | ** | congestion; 76.4% ret |
Asterisk denotes strength of level
09:55 BST - The test below 0.7800 has bounced sharply from 0.7775, with prices currently balanced around 0.7815. Oversold daily stochastics are flattening, suggesting room for further sideways trade. But the daily Tension Indicator continues to track lower and broader weekly charts are under pressure, highlighting room for fresh losses in the coming sessions. A close below congestion support at 0.7800 will add weight to sentiment and extend late-March losses initially towards the 0.7770 Fibonacci retracement. A further break will open up 0.7700/10, where more significant short-covering/consolidation could develop. Meanwhile, resistance remains at congestion around 0.7850, and should cap any immediate tests higher.