Published: 2025-07-22T08:28:12.000Z
Chart USD/CHF Update: Leaning lower
Senior Technical Strategist
1
Cautious trade is giving way to a drift lower
| 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 | congestion |
Asterisk denotes strength of level
09:20 BST - Cautious trade is giving way to a drift lower, as intraday studies turn down, with prices currently balanced around 0.7975. Overbought daily stochastics continue to unwind and the rising daily Tension Indicator is flattening, highlighting room for continuation down to congestion support at 0.7900. However, rising weekly charts should limit any initial tests in consolidation. A break, however, will add weight to sentiment and extend broad 2016 losses towards the 0.7850 Fibonacci retracement. Meanwhile, a close back above 0.8000 would help to stabilise price action and prompt fresh consolidation beneath 0.8100.