Published: 2024-09-30T07:58:41.000Z
Chart USD/CHF Update: Balanced at 0.8400 - studies under pressure
Senior Technical Strategist
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The anticipated test of congestion support at 0.8400 is giving way to expected consolidation
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
08:50 BST - The anticipated test of congestion support at 0.8400 is giving way to expected consolidation, as oversold intraday studies unwind. Daily readings are under pressure, however, and broader weekly charts have turned mixed/negative, highlighting a deterioration in price action and room for further losses in the coming sessions. A close below 0.8400 will add weight to sentiment and extend May losses towards critical support at 0.8320/32. Meanwhile, a break back above 0.8450 will turn sentiment neutral once again and give way to further consolidation beneath congestion resistance at 0.8500.