Published: 2024-10-18T08:04:02.000Z
Chart USD/CHF Update: Strong resistance at 0.8700
Senior Technical Strategist
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Little change, as mixed intraday studies keep near-term sentiment cautious
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.8875 | * | 30 Jul (w) high | S1 | 0.8650 | * | break level | |
R3 | 0.8800 | ** | break level, 50% ret | S2 | 0.8600 | ** | congestion | |
R2 | 0.8748 | ** | 15 Aug (w) high | S3 | 0.8550 | * | congestion | |
R1 | 0.8700 | * | 38.2% ret of May-Sep fall | S4 | 0.8500 | congestion |
Asterisk denotes strength of level
08:55 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and prompt consolidation above 0.8650. The daily Tension Indicator continues to rise, highlighting potential for further gains towards resistance at the 0.8700 Fibonacci retracement. But flattening overbought daily stochastics are expected to limit any initial tests in consolidation, before improving weekly charts prompt a break and extend September gains towards 0.8748. Meanwhile, a break back below 0.8650 would turn sentiment neutral and prompt fresh consolidation above congestion support at 0.8600.