Chart EUR/CHF Update: Consolidating test of the 0.9135 Fibonacci retracement
The test of resistance at the 0.9135 Fibonacci retracement has given way to a pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9200 | ** | break level | S1 | 0.9100 | ** | break level | |
| R3 | 0.9180/85 | congestion; 50% ret | S2 | 0.9050 | break level | |||
| R2 | 0.9150 | ** | break level | S3 | 0.9000 | ** | psychological | |
| R1 | 0.9135 | * | 38.2% ret of Dec-Mar fall | S4 | 0.8980 | ** | 9 Mar YTD low |
Asterisk denotes strength of level
10:55 GMT - The test of resistance at the 0.9135 Fibonacci retracement has given way to a pullback, as intraday studies turn down and overbought daily stochastics flatten, with prices currently balanced above support at the 0.9100 break level. A test beneath here cannot be ruled out. But the rising daily Tension Indicator and improving weekly charts should limit any break in renewed buying interest/consolidation above the 0.9050 break level. Following cautious/corrective trade, fresh gains are looked for. But a close above 0.9135 is needed to turn sentiment positive and extend late-January gains beyond the 0.9150 break level towards 0.9180/85.