Chart USD/CHF Update: Choppy trade to turn lower
Choppy trade above congestion support at 0.8200 has given way to a bounce to congestion resistance at 0.8250
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8395/00 | ** | 14 Oct YTD high; 50% ret | S1 | 0.8200 | * | congestion | |
| R3 | 0.8350 | * | break level | S2 | 0.8175 | ** | 50% ret of Aug-Oct rally | |
| R2 | 0.8300 | * | congestion lows | S3 | 0.8150 | congestion | ||
| R1 | 0.8250 | congestion | S4 | 0.8120 | ** | 61.8% ret of Aug-Oct rally |
Asterisk denotes strength of level
09:30 GMT - Choppy trade above congestion support at 0.8200 has given way to a bounce to congestion resistance at 0.8250, before falling sharply to once again pressure 0.8200. Daily readings are bearish and broader weekly charts are also under pressure, highlighting a deterioration in sentiment and room for deeper losses in the coming sessions. A close below 0.8200 will add weight to sentiment and extend losses from the 0.8395 current year high of 14 October towards the 0.8175 Fibonacci retracement. Beneath here is congestion around 0.8150.
Meanwhile, a close above 0.8250, if seen, will help to stabilise price action and prompt consolidation beneath 0.8300.