Chart EUR/CHF Update: Extending corrective gains
The anticipated break above 0.9100 has reached 0.9130
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9225 | congestion | S1 | 0.9100 | ** | break level | ||
| R3 | 0.9200 | * | congestion | S2 | 0.9030~ | * | 2 Mar YTD low | |
| R2 | 0.9180 | minor congestion | S3 | 0.9000 | ** | psychological | ||
| R1 | 0.9150 | ** | break level | S4 | 0.8900 | * | figure |
Asterisk denotes strength of level
10:55 GMT - The anticipated break above 0.9100 has reached 0.9130, where flat overbought intraday studies are prompting short-term reactions. Daily readings are improving and oversold weekly stochastics are turning higher, suggesting room for a test of resistance at 0.9150. But the bearish weekly Tension Indicator and negative longer-term charts should limit any further break in renewed selling interest towards congestion resistance within 0.9180 - 0.9200. Following cautious/corrective trade, fresh losses are looked for. Support is at 0.9100. But a close below the 0.9030~ current year low of 2 March is needed to turn sentiment negative and extend long-term bear trends.