Chart USD/CHF Update: Consolidating - room for higher
Still little change
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8200 | * | congestion | S1 | 0.7900 | congestion | ||
| R3 | 0.8170 | * | 50% ret of May-Jul fall | S2 | 0.7870~ | ** | 1 Jul YTD low | |
| R2 | 0.8100 | * | cong, 38.2% ret | S3 | 0.7850 | ** | 76.4% ret of 2011-2016 rally | |
| R1 | 0.8000 | ** | congestion | S4 | 0.7800 | figure |
Asterisk denotes strength of level
09:20 BST - Still little change, as mixed intraday studies keep near-term sentiment cautious and prompt further consolidation beneath congestion resistance at 0.8000. Daily stochastics and the daily Tension Indicator continue to rise, highlighting room for a later break and continuation of July gains towards strong resistance at 0.8100. Already overbought daily stochastics and mixed weekly charts, however, are expected to limit any initial break in selling interest towards the 0.8170 Fibonacci retracement. Meanwhile, support remains at congestion around 0.7900. A break, not yet seen, will turn sentiment negative and post fresh year lows towards critical support at the 0.7850 Fibonacci retracement.