Published: 2024-10-21T08:27:03.000Z
Chart EUR/CHF Update: Extending consolidation
Senior Technical Strategist
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Still little change
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.9515 | ** | 76.4% ret of Aug-Sep fall | S1 | 0.9350 | * | congestion | |
R3 | 0.9500 | ** | congestion | S2 | 0.9300/07 | * | congestion; 11 Sep (m) low | |
R2 | 0.9450 | break level | S3 | 0.9210 | ** | 5 August all-time low | ||
R1 | 0.9400 | ** | congestion | S4 | 0.9200 | * | figure |
Asterisk denotes strength of level
09:20 BST - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation just beneath congestion resistance at 0.9400. Daily readings are mixed/positive and broader weekly charts are improving, highlighting room for a later break and test of 0.9450. However, by-then overbought daily stochastics could prompt fresh consolidation/selling interest. Meanwhile, congestion support at 0.9350 should underpin any immediate setbacks. A close beneath here, not yet seen, would open up 0.9300/07, where fresh range trade is expected to appear.