Published: 2024-10-15T08:11:54.000Z
Chart USD/CHF Update: Consolidating gains - studies remain positive
Senior Technical Strategist
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Anticipated gains have met selling interest just beneath resistance at 0.8650
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.8800 | ** | break level, 50% ret | S1 | 0.8600 | ** | congestion | |
R3 | 0.8748 | ** | 15 Aug (w) high | S2 | 0.8550 | * | congestion | |
R2 | 0.8700 | * | 38.2% ret of May-Sep fall | S3 | 0.8500 | congestion | ||
R1 | 0.8650 | * | break level | S4 | 0.8450 | * | break level |
Asterisk denotes strength of level
08:50 BST - Anticipated gains have met selling interest just beneath resistance at 0.8650, as overbought intraday studies unwind, with prices currently balanced above congestion support at 0.8600. Daily readings continue to rise and broader weekly charts are also positive, highlighting room for fresh tests higher in the coming sessions. A later close above 0.8650 will improve sentiment and extend September gains towards strong resistance at the 0.8700 Fibonacci retracement. Meanwhile, support is raised to 0.8600. A close beneath here, if seen, will turn sentiment neutral and give way to renewed consolidation above further congestion around 0.8650.