Published: 2024-10-21T08:19:18.000Z
Chart USD/CHF Update: Consolidating
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
09:10 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around 0.8650. The daily Tension Indicator continues to rise, highlighting potential for fresh tests higher. But a tick lower in overbought daily stochastics suggests initial gains could give way to further consolidation beneath resistance at the 0.8700 Fibonacci retracement, before rising weekly charts prompt a break and extend September gains towards 0.8748. Meanwhile, congestion support at 0.8600 should underpin any immediate setbacks.