Published: 2024-10-01T08:09:25.000Z
Chart USD/CHF Update: Higher in range
Senior Technical Strategist
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Consolidation above 0.8400 is giving way to a steady bounce
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.8650 | * | break level | S1 | 0.8450 | * | break level | |
R3 | 0.8600 | ** | congestion | 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
08:55 BST - Consolidation above 0.8400 is giving way to a steady bounce, as intraday studies rise, with the break above 0.8450 opening up congestion resistance at 0.8500. A test cannot be ruled out, but already overbought intraday studies and mixed daily readings are expected to limit any break above here in renewed selling interest beneath further congestion around 0.8550. Meanwhile, support is raised to 0.8450 and extends to congestion around 0.8400. A close beneath here would add weight to sentiment and extend May losses towards critical support at 0.8320/32.