Published: 2024-09-24T08:04:16.000Z
Chart USD/CHF Update: Consolidating - room for a test higher
Senior Technical Strategist
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Little change, as mixed intraday studies keep near-term sentiment cautious
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
09:00 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation just beneath congestion resistance at 0.8500. Daily readings are improving, suggesting room for a break above here towards strong resistance at congestion around 0.8550 and the 0.8560 Fibonacci retracement. Daily stochastics are already overbought, suggesting any initial tests could give way to consolidation, before improving weekly charts prompt a break 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.