Published: 2024-09-25T08:27:04.000Z
Chart USD/CHF Update: Cautious trade - studies under pressure
Senior Technical Strategist
1
Cautious trade has given way to a pullback to 0.841
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.8560 | ** | 50% ret of Aug fall | S1 | 0.8400 | * | congestion | |
R3 | 0.8550 | * | congestion | S2 | 0.8373 | 6 Sep YTD low | ||
R2 | 0.8500 | congestion | S3 | 0.8332 | ** | 28 Dec 2023 (y) low | ||
R1 | 0.8450 | * | break level | S4 | 0.8320 | ** | 61.8% ret of 2011-2016 rally |
Asterisk denotes strength of level
09:15 BST - Cautious trade has given way to a pullback to 0.8415, where unwinding oversold intraday studies are prompting a bounce back to 0.8450. A test above here will open up congestion resistance at 0.8500, but a tick lower in daily stochastics and the deteriorating daily Tension Indicator are expected to prompt fresh selling interest beneath here. In the coming sessions, prices are expected to remain under pressure, with congestion support at 0.8400 to attract. A later break beneath here will add weight to sentiment and extend May losses below the 0.8373 current year low of 6 September towards critical support at 0.8320/32.