Chart EUR/CHF Update: Poised to extend August losses
The anticipated test of support at the 0.9315 weekly low of 28 Augustis giving way to consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9490/00 | ** | 61.8% ret; congestion | S1 | 0.9315 | * | 28 Aug (w) low | |
| R3 | 0.9435 | * | 50% ret of Mar-Apr fall | S2 | 0.9300 | ** | congestion | |
| R2 | 0.9400 | ** | congestion | S3 | 0.9260 | break level | ||
| R1 | 0.9350 | ** | congestion | S4 | 0.9212 | ** | 11 Apr YTD low |
Asterisk denotes strength of level
10:30 BST - The anticipated test of support at the 0.9315 weekly low of 28 Augustis giving way to consolidation, as oversold intraday studies unwind, with prices currently balanced around 0.9325. Daily readings continue to point and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A break beneath here will add weight to sentiment and extend mid-August losses below congestion support at 0.9300 towards 0.9260. Meanwhile, resistance remains at congestion around 0.9350. A close above here, if seenn, will help to stabilise price action and prompt consolidation beneath further congestion around 0.9400.