Chart USD/CHF Update: Under pressure
Anticipated losses have reached congestion support at 0.9000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9150 | * | congestion tops | S1 | 0.9000 | ** | congestion | |
| R3 | 0.9136 | ** | 2 Jan (w) high | S2 | 0.8980 | ** | 38.2% ret of Dec-Jan rally | |
| R2 | 0.9100 | ** | break level | S3 | 0.8950 | * | congestion | |
| R1 | 0.9050 | * | congestion | S4 | 0.8930 | ** | 50% ret of Dec-Jan rally |
Asterisk denotes strength of level
09:10 GMT - Anticipated losses have reached congestion support at 0.9000, where oversold intraday studies are prompting choppy trade. Daily stochastics continue to track lower, and the daily Tension Indicator is also under pressure, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A break below 0.9000 will add weight to sentiment and open up the 0.8980 Fibonacci retracement. Continuation beneath here will target congestion around 0.8950 and the 0.8930 retracement. However, already mixed weekly charts are expected to limit any initial tests of 0.8930/50 in consolidation. Meanwhile, resistance is lowered to congestion around 0.9050. A break above here, if seen, should give way to consolidation beneath 0.9100.