Chart EUR/CHF Update: Any gains to remain limited
Choppy trade around congestion support at 0.9300 is giving way to a minor bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9450 | * | congestion | S1 | 0.9300 | ** | congestion | |
| R3 | 0.9400 | * | congestion | S2 | 0.9260 | ** | 2 Oct (w) low | |
| R2 | 0.9375 | congestion | S3 | 0.9245/50 | ** | 61.8% ret; congestion | ||
| R1 | 0.9350 | * | break level | S4 | 0.9190/00 | ** | 76.4% ret; congestion |
Asterisk denotes strength of level
11:50 BST - Choppy trade around congestion support at 0.9300 is giving way to a minor bounce, as intraday studies turn higher, with prices currently balanced around 0.9315. Further tests higher are possible. But bearish daily readings and negative weekly charts should limit scope in renewed selling interest beneath resistance at 0.9350.
Following cautious/corrective trade, fresh losses are looked for. A later break below 0.9300 will open up the 0.9260 weekly low of 2 October. A further close beneath here will add weight to sentiment and extend September losses below strong support at the 0.9245 Fibonacci retracement and congestion around 0.9250, towards critical support at 0.9190/00.