Published: 2024-10-16T08:12:52.000Z
Chart USD/CHF Update: Consolidating - studies remain positive
Senior Technical Strategist
2
Little change, as prices extend consolidation 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
08:55 BST - Little change, as prices extend consolidation beneath resistance at 0.8650. Intraday studies are under pressure, highlighting potential for a drift lower. But rising daily readings and positive weekly charts should limit scope in fresh buying interest towards congestion support at 0.8600. In the coming sessions, cautious trade is expected to give way to fresh gains. A later close above 0.8650 will improve sentiment and extend September gains towards strong resistance at the 0.8700 Fibonacci retracement. Meanwhile, a close below 0.8600, if seen, will turn sentiment neutral and give way to renewed consolidation above further congestion around 0.8650.