Published: 2024-05-17T08:28:20.000Z
Chart EUR/CHF Update: Fresh 2024 highs - strong resistance at the 0.9900 Fibonacci retracement
Senior Technical Strategist
1
Cautious trade has given way to a fresh break to 2024 highs
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 1.0000 | ** | parity | S1 | 0.9842/48 | ** | 22 Jun (m); 4 Apr (m) highs | |
R3 | 0.9950 | congestion | S2 | 0.9800 | * | congestion | ||
R2 | 0.9900 | ** | 76.4% ret of 2023 fall | S3 | 0.9760 | * | break level | |
R1 | 0.9880 | * | 27 Apr 2023 (w) high | S4 | 0.9722 | * | 3 May (w) low | |
*Asterisk denotes strength of level
09:10 BST - Cautious trade has given way to a fresh break to 2024 highs, with late-December gains currently trading around 0.9860. Daily stochastics and the daily Tension Indicator have turned positive once again, highlighting an improvement in sentiment and room for a test of critical resistance at the 0.9900 Fibonacci retracement However, daily stochastics are overbought and broader weekly charts are mixed, suggesting any immediate tests could give way to consolidation/selling interest. Meanwhile, a close back below 0.9842/48 would turn sentiment neutral and put focus back on support within 0.9760 - 0.9800.