Chart USD/CHF Update: Cautious trade
The anticipated break above resistance at 0.8000 has been pushed back from beneath the 0.8040 current year high of 15-16 January
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8100 | ** | congestion | S1 | 0.7950 | * | congestion | |
| R3 | 0.8085 | 8 Dec (m) high | S2 | 0.7900 | ** | congestion | ||
| R2 | 0.8040 | ** | 15-16 Jan YTD high | S3 | 0.7850 | * | congestion, recent lows | |
| R1 | 0.8000 | * | break level | S4 | 0.7835 | 23 Mar (w) low |
Asterisk denotes strength of level
09:20 BST - The anticipated break above resistance at 0.8000 has been pushed back from beneath the 0.8040 current year high of 15-16 January, with prices currently balanced in cautious trade below 0.8000. Daily readings are coming under pressure, highlighting room for a pullback towards congestion support at 0.7950. But positive weekly charts should limit any break in renewed buying interest above further congestion around 0.7900. Following cautious trade, fresh gains are looked for. But a close above 0.8040 is needed to turn sentiment positive and extend January gains towards 0.8085/00.