Chart USD/CHF Update: Consolidating test of 0.8670/00 - studies tracking higher
The anticipated break above the 0.8670 Fibonacci retracement has been pushed back from congestion resistance at 0.8700
| 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 |
Asterix denotes strength of level
09:05 BST - The anticipated break above the 0.8670 Fibonacci retracement has been pushed back from congestion resistance at 0.8700, as positive intraday studies flatten, with prices once again trading just beneath 0.8670. Daily stochastics continue to rise and the daily Tension Indicator is improving, highlighting potential for a fresh test of this area. However, mixed weekly charts should limit any break above 0.8700 in profit-taking towards the 0.8740 retracement. Meanwhile, support remains at congestion around 0.8600. A close back beneath here, not yet seen, would turn price action neutral once again and give way to renewed consolidation above 0.8500.