Published: 2024-10-04T08:17:16.000Z
Chart USD/CHF Update: Cautious trade
Senior Technical Strategist
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Anticipated tests higher have met selling interest beneath congestion resistance at 0.8550
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
09:05 BST - Anticipated tests higher have met selling interest beneath congestion resistance at 0.8550, as intraday studies turn down, with focus turning back to congestion support at 0.8500. A test beneath here cannot be ruled out, but rising daily stochastics and the positive daily Tension Indicator are expected to prompt fresh buying interest above 0.8450. Following cautious trade, fresh gains are looked for. However, a close above 0.8550 is needed to confirm completion of an accumulation base and turn sentiment positive, as resistance at 0.8650 then attracts.