Chart USD/CHF Update: Choppy in range - background studies rising
The break below 0.8050 has bounced from congestion support at 0.8000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8200 | ** | break level | S1 | 0.8050 | break level | ||
| R3 | 0.8170 | * | 1 Aug (w) high, 50% ret | S2 | 0.8000 | ** | congestion | |
| R2 | 0.8132 | 11 Aug (w) high | S3 | 0.7900 | congestion | |||
| R1 | 0.8100 | * | congestion | S4 | 0.7872 | ** | 1 Jul YTD low |
Asterisk denotes strength of level
09:25 BST - The break below 0.8050 has bounced from congestion support at 0.8000, with prices once again trading above 0.8050. Immediate focus is on congestion resistance at 0.8100. But mixed daily readings are expected to limit any initial tests in consolidation, before rising weekly charts prompt a break. A close above 0.8100 will improve sentiment and open up critical resistance at 0.8170. However, already overbought weekly stochastics are expected to limit any initial tests in consolidation. Meanwhile, support remains down to 0.8000. A close beneath here, if seen, will add weight to sentiment and extend August losses towards critical support at the 0.7872 current year low of 1 July and congestion around 0.7900.