Published: 2024-10-22T08:10:04.000Z
Chart EUR/CHF Update: Range trade
Senior Technical Strategist
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Cautious trade has given way to a drift lower to congestion support at 0.9350
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
09:05 BST - Cautious trade has given way to a drift lower to congestion support at 0.9350, where oversold intraday studies are prompting a minor bounce. Daily readings are mixed, and broader weekly charts are improving, suggesting any break beneath here should meet renewed buying interest towards strong support at 0.9300/07. Meanwhile, resistance remains at congestion around 0.9400. A close above here, if seen, would improve price action and open up a test of 0.9450.