Published: 2024-09-23T08:11:13.000Z
Chart USD/CHF Update: Drifting higher - strong resistance at 0.8550/60
Senior Technical Strategist
1
Cautious trade is giving way to a test above congestion resistance at 0.8500
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.8600/05 | ** | congestion; 61.8% ret of Aug fall | S1 | 0.8450 | * | break level | |
R3 | 0.8560 | ** | 50% ret of Aug fall | S2 | 0.8400 | * | congestion | |
R2 | 0.8550 | * | congestion | S3 | 0.8373 | 6 Sep YTD low | ||
R1 | 0.8500 | congestion | S4 | 0.8332 | ** | 28 Dec 2023 (y) low |
Asterisk denotes strength of level
09:05 BST - Cautious trade is giving way to a test above congestion resistance at 0.8500, as intraday studies track higher, with prices currently trading around 0.8515. Daily readings are also improving, suggesting room for a test of strong resistance at congestion around 0.8550 and the 0.8560 Fibonacci retracement. Broader weekly charts are also improving, but a close above here is needed to turn sentiment positive and open up 0.8600/05. Meanwhile, a test below support at 0.8450, if seen, should give way to consolidation above congestion around 0.8400.