Published: 2024-10-03T08:15:13.000Z
Chart USD/CHF Update: Higher in range
Senior Technical Strategist
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Cautious trade above 0.8450 has given way to a USD- and CHF-driven bounce
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.8700 | * | break level | S1 | 0.8500 | congestion | ||
R3 | 0.8650 | * | break level | S2 | 0.8450 | * | break level | |
R2 | 0.8600 | ** | congestion | S3 | 0.8400 | * | congestion | |
R1 | 0.8550 | * | congestion | S4 | 0.8373 | 6 Sep YTD low |
Asterisk denotes strength of level
09:00 BST - Cautious trade above 0.8450 has given way to a USD- and CHF-driven bounce, with prices currently trading above 0.8500. Daily readings are tracking higher and broader weekly charts are also improving, suggesting room for further strength in the coming sessions. Resistance is at congestion around 0.8550. A close above here would turn confirm completion of an accumulation base and turn sentiment positive, as resistance at 0.8650 then attracts. Meanwhile, a close back below congestion support at 0.8500 would turn sentiment neutral and give way to consolidation above 0.8450.