Chart USD/CHF Update: Extending range trade
Little change, as prices extend choppy trade in the tight 0.8450 - 0.8500 range
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
09:00 BST - Little change, as prices extend choppy trade in the tight 0.8450 - 0.8500 range. Intraday studies are mixed/negative, suggesting potential for a test below support at 0.8450. However, mixed daily readings and mixed/positive weekly charts are expected to limit initial scope in renewed consolidation above congestion support at 0.8400. A close beneath here, however, will add weight to sentiment and extend May losses towards critical support at 0.8320/32. Meanwhile, a break above congestion resistance at 0.8500 will open up stronger resistance at congestion around 0.8550 and the 0.8560 Fibonacci retracement, where fresh range trade is expected to appear.