Published: 2024-10-28T06:49:21.000Z
Chart EUR/CHF Update: Scope to extend corrective bounce from .9330/27 lows
Senior Technical Strategist
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No follow-through on break of the .9330 support as prices consolidate losses from the .9500 September high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9500 | ** | congestion | S1 | 0.9327 | 24 Oct low | ||
| R3 | 0.9478 | * | Jun low | S2 | 0.9300/07 | * | congestion; Sep low | |
| R2 | 0.9450 | * | congestion | S3 | 0.9254 | ** | Dec 2023 year low | |
| R1 | 0.9400 | * | congestion | S4 | 0.9210 | ** | 5 Aug all-time low |
Asterisk denotes strength of level
06:45 GMT - No follow-through on break of the .9330 support as prices consolidate losses from the .9500 September high. Bounce see prices unwinding the oversold intraday and daily studies and suggest room for test of the resistance at the .9400/.9450 congestion. Break here will open up stronger bounce to the strong resistance at the .9478/.9500 area, which is expected to cap. Meanwhile, support at the 0.9330/27 lows now underpin. Failure here will expose the .9300/07 congestion and September low to retest.