Published: 2024-09-26T08:25:06.000Z
Chart USD/CHF Update: Choppy in range
Senior Technical Strategist
1
Intraday gains have reached congestion resistance at 0.8500
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.8600/05 | ** | break level; 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 - Intraday gains have reached congestion resistance at 0.8500, where consolidation is giving way to choppy CHF-driven trade. Overbought intraday studies are turning down, highlighting potential for minor pullback. But mixed/positive daily readings should limit scope in renewed buying interest above 0.8450. In the coming sessions, choppy trade is expected to give way to a fresh test higher. A break above 0.8500 will open up stronger resistance at congestion around 0.8550 and the 0.8560 Fibonacci retracement. But mixed weekly charts are expected to limit any initial tests in consolidation.