Published: 2024-10-02T08:09:32.000Z
Chart USD/CHF Update: Extending cautious trade
Senior Technical Strategist
1
Little change, as prices extend cautious trade above support at 0.8450
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
09:00 BST - Little change, as prices extend cautious trade above support at 0.8450. Intraday studies are under pressure, highlighting potential for a test beneath here. But rising daily readings and flattening bearish weekly charts should limit losses in fresh buying interest above 0.8400. A break, not yet seen, will add weight to sentiment and extend May losses towards critical support at 0.8320/32. Meanwhile, resistance remains at congestion around 0.8500. A break above here will target further congestion around 0.8550, where renewed selling interest is expected to appear.