Published: 2024-10-22T08:00:47.000Z
Chart USD/CHF Update: Consolidating - daily studies leaning lower
Senior Technical Strategist
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Still 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
08:50 BST - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around 0.8650. The rising daily Tension Indicator is flattening and overbought daily stochastics are unwinding, suggesting room for a drift lower in the coming sessions. A close below 0.8650 will add weight to sentiment and open up a pullback towards congestion support at 0.8600. However, rising weekly charts are expected to limit any initial tests in fresh consolidation/buying interest. Meanwhile, a break higher, if seen, will open up strong resistance at the 0.8700 Fibonacci retracement, where profit-taking is expected to appear.