Chart USD/CHF Update: Lower in range from the .8600 level
Settling back in range from the .8600 level and below the .8550 support see room for pullback to the Friday's range low at the .8500 level
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.8750 | * | 15 Aug high | S1 | 0.8500 | * | congestion | |
R3 | 0.8700 | * | 38.2% May/Sep fall | S2 | 0.8450 | * | congestion | |
R2 | 0.8650 | * | congestion | S3 | 0.8400 | * | Aug low, congestion | |
R1 | 0.8600 | * | congestion | S4 | 0.8375 | ** | 6 Sep YTD low |
Asterisk denotes strength of level
06:45 GMT - Settling back in range from the .8600 level and below the .8550 support see room for pullback to the Friday's range low at the .8500 level. Daily studies have turned mixed from overbought areas and threaten break here to expose the .8400 level and the .8375, September YTD low to retest. However, the latter expected to keep losses in check and further extend the broad basing pattern here. Meanwhile, resistance is lowered to the .8550, September high. Regaining this and the .8600 level will see room for stronger recovery to retrace losses from the May YTD high to the 38.2% Fibonacci retracement at .8650.