Chart EUR/CHF Update: Leaning lower
Cautious trade has drifted lower to congestion support at 0.9350
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9500 | * | congestion | S1 | 0.9350 | ** | congestion | |
| R3 | 0.9490/00 | ** | 61.8% ret; congestion | S2 | 0.9300 | ** | congestion | |
| R2 | 0.9435 | * | 50% ret of Mar-Apr fall | S3 | 0.9260 | break level | ||
| R1 | 0.9400 | ** | congestion | S4 | 0.9212 | ** | 11 Apr YTD low |
Asterisk denotes strength of level
10:40 BST - Cautious trade has drifted lower to congestion support at 0.9350, where unwinding positive divergence on oversold intraday studies is prompting short-term reactions. Daily readings continue to point lower and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A close beneath here will add weight to sentiment and open up congestiona round 0.9300. But already oversold daily stochastics are expected to limit any initial tests in renewed consolidation. Meanwhile, resistance remains at congestion around 0.9400 and extends to the 0.9435 Fibonacci retracement. This range should cap any immediate tests higher.