Chart EUR/CHF Update: Consolidating test of 0.9230
The anticipated test of congestion resistance at 0.9230 is giving way to a pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9330 | * | congestion highs | S1 | 0.9200 | ** | break level | |
| R3 | 0.9300 | ** | congestion | S2 | 0.9180 | ** | congestion | |
| R2 | 0.9267 | ** | 31 Mar (m) high | S3 | 0.9150 | ** | congestion | |
| R1 | 0.9230 | congestion | S4 | 0.9100 | * | congestion |
Asterisk denotes strength of level
10:35 BST - The anticipated test of congestion resistance at 0.9230 is giving way to a pullback, as overbought intraday studies unwind, with prices currently trading around 0.9215. Daily stochastics continue to rise and the flat daily Tension Indicator is edging higher, suggesting room for a retest. But unwinding overbought weekly stochastics and the flat weekly Tension Indicator should limit any break in consolidation beneath resistance at the 0.9267 monthly high of 31 March. Meanwhile, support remains at 0.9200. But a close below congestion around 0.9180 will add weight to sentiment and extend June losses initially towards congestion around 0.9150.