Published: 2024-08-12T08:08:41.000Z
Chart USD/CHF Update: Extending gains
Senior Technical Strategist
1
Cautious trade around the 0.8670 Fibonacci retracement is giving way to the anticipated break
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8800 | ** | congestion | S1 | 0.8600 | * | congestion | |
| R3 | 0.8740 | ** | 50% ret of Jul-Aug fall | S2 | 0.8500 | 6 Aug low | ||
| R2 | 0.8700 | * | congestion | S3 | 0.8450 | * | break level | |
| R1 | 0.8670 | * | 38.2% ret of Jul-Aug fall | S4 | 0.8432 | * | 5 Aug low |
08:55 BST - Cautious trade around the 0.8670 Fibonacci retracement is giving way to the anticipated break, as intraday studies turn higher. with immediate focus on congestion resistance at 0.8700. Daily stochastics are also rising and the daily Tension Indicator is improving, highlighting potential for continuation beyond here. However, mixed weekly charts should limit scope in profit-taking towards the 0.8740 retracement. Meanwhile, a close back below 0.8600, not yet seen, would turn price action neutral once again and give way to renewed consolidation above 0.8500.