Chart EUR/CHF Update: Balanced above 0.9300 - studies rising
Choppy trade has given way to a CHF-driven push back above 0.9300
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9400 | ** | congestion | S1 | 0.9300 | ** | congestion | |
| R3 | 0.9373 | * | 1 Oct (w) high | S2 | 0.9250 | break level | ||
| R2 | 0.9350 | ** | congestion | S3 | 0.9210/12 | ** | 11 Apr - 21 Oct YTD lows | |
| R1 | 0.9330 | congestion | S4 | 0.9200/02 | ** | figure; 18 Nov (y) low |
Asterisk denotes strength of level
10:50 GMT - Choppy trade has given way to a CHF-driven push back above 0.9300, as intraday studies turn higher, with prices currently balanced around 0.9310. Daily stochastics are flat in overbought areas, suggesting potential for fresh consolidation, before the rising daily Tension Indicator and positive weekly readings prompt further gains. Focus is expected to turn to congestion resistance within the 0.9330/50 range. But the flat weekly Tension Indicator is expected to limit any initial tests in renewed selling interest/consolidation. Meanwhile, any tests back below congestion support at 0.9300 are expected to be limited in consolidation above support at the 0.9250 break level.