Published: 2025-07-18T08:16:34.000Z
Chart USD/CHF Update: Cautious trade
Senior Technical Strategist
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Cautious trade is giving way to a drift lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8240 | ** | 61.8% ret of May-Jul fall | S1 | 0.8000 | ** | congestion | |
| R3 | 0.8200 | * | congestion | S2 | 0.7900 | congestion | ||
| R2 | 0.8170 | * | 50% ret of May-Jul fall | S3 | 0.7870~ | ** | 1 Jul YTD low | |
| R1 | 0.8100 | * | cong, 38.2% ret | S4 | 0.7850 | ** | 76.4% ret of 2011-2016 rally |
Asterisk denotes strength of level
09:10 BST - Cautious trade is giving way to a drift lower, as intraday studies turn down, with focus on congestion support at 0.8000. Overbought daily stochastics are also unwinding, suggesting potential for a test beneath here. But the rising daily Tension Indicator and positive weekly charts are expected to limit any break in renewed buying interest above further congestion around 0.7900. Following cautious trade, fresh gains are looked for. Resistance remains at 0.8100. A later close above here will improve sentiment and extend July gains initially towards the 0.8170 Fibonacci retracement.