Chart EUR/CHF Update: Consolidating test of critical resistance at 0.9435
The test of critical resistance at the 0.9435 Fibonacci retracement is giving way to choppy trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9550/55 | ** | cong; 76.4% ret | S1 | 0.9400 | * | congestion | |
| R3 | 0.9500 | * | congestion | S2 | 0.9350 | ** | congestion | |
| R2 | 0.9490/00 | ** | 61.8% ret; congestion | S3 | 0.9300 | ** | congestion | |
| R1 | 0.9435 | * | 50% ret of Mar-Apr fall | S4 | 0.9260 | break level |
Asterisk denotes strength of level
12:05 BST - The test of critical resistance at the 0.9435 Fibonacci retracement is giving way to choppy trade, as overbought intraday studies turn down, with prices currently trading around 0.9415 following the test of congestion support at 0.9400. Daily stochastics are also turning down in overbought areas, suggesting further cautious trade. But the rising daily Tension Indicator and improving weekly charts point to potential for a later break above 0.9435. A close above here will turn sentiment positive and extend April gains towards strong resistance at 0.9490/00. Meanwhile,a close below 0.9400 would turn sentiment neutral and prompt consolidation above further congestion around 0.9350.