Chart USD/CHF Update: Prices remain under pressure
Anticipated losses have extended below 0.7950 to reach 0.7925
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8155 | ** | 50% ret of May-Sep fall | S1 | 0.7950 | * | congestion | |
| R3 | 0.8100 | ** | break level | S2 | 0.7900 | * | congestion | |
| R2 | 0.8050 | break level | S3 | 0.7850 | ** | 76.4% ret of 2011-2016 rally | ||
| R1 | 0.8000 | ** | congestion | S4 | 0.7830~ | ** | 17 Sep YTD low |
Asterisk denotes strength of level
09:20 GMT - Anticipated losses have extended below 0.7950 to reach 0.7925, where rising intraday studies are prompting a bounce back to congestion support at 0.7950. Daily readings are under pressure and overbought weekly stochastics are turning down, highlighting room for still further losses in the coming sessions. A break back below 0.7950 will open up further congestion around 0.7900, with potential for continuation into critical multi-month support within the 0.7830~/50 range. Meanwhile, resistance is lowered to congestion around 0.8000. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath the 0.8050 break level.