Chart EUR/CHF Update: Room for higher
The test of congestion resistance at 0.9230 is giving way to anticipated consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9300 | ** | congestion | S1 | 0.9200 | ** | break level | |
| R3 | 0.9267 | ** | 31 Mar (m) high | S2 | 0.9180 | ** | congestion | |
| R2 | 0.9250 | ** | congestion | S3 | 0.9150 | ** | congestion | |
| R1 | 0.9230 | congestion | S4 | 0.9120 | intraday break level |
Asterisk denotes strength of level
11:25 BST - The test of congestion resistance at 0.9230 is giving way to anticipated consolidation, as overbought intraday studies unwind, with prices currently trading around 0.9225. Rising daily readings and improving weekly charts highlight room for further strength in the coming sessions, with a break above here opening up congestion around 0.9250. Just higher is the 0.9267 monthly high of 31 March, but any immediate tests of this range could give way to fresh consolidation. Meanwhile, support is at 0.9200 and extends to congestion around 0.9180. A close beneath here, if seen, will help to stabilise price action and prompt consolidation above further congestion around 0.9150.