Published: 2024-10-14T08:39:15.000Z
Chart USD/CHF Update: Consolidating - potential for a test higher
Senior Technical Strategist
4
Cautious trade is giving way to a test of congestion resistance at 0.8600
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.8748 | ** | 15 Aug (w) high | S1 | 0.8550 | * | congestion | |
R3 | 0.8700 | * | 38.2% ret of May-Sep fall | S2 | 0.8500 | congestion | ||
R2 | 0.8650 | * | break level | S3 | 0.8450 | * | break level | |
R1 | 0.8600 | ** | congestion | S4 | 0.8400 | * | congestion |
Asterisk denotes strength of level
09:20 BST - Cautious trade is giving way to a test of congestion resistance at 0.8600. Rising intraday studies highlight potential for a test above here and continuation of September gains towards 0.8650. However, mixed daily charts suggest any immediate tests could give way to further consolidation, before improving weekly charts prompt a break and open up resistance at the 0.8700 Fibonacci retracement. Meanwhile, support is at congestion around 0.8550. A close beneath here, if seen, would add weight to sentiment and prompt a pullback towards further congestion around 0.8500, where renewed buying interest is expected to appear.