Chart USD/CHF Update: Critical support at 0.7830~/50
Consolidation has given way to steady selling interest
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8050 | break level | S1 | 0.7850 | ** | 76.4% ret of 2011-2016 rally | ||
| R3 | 0.8000 | ** | congestion | S2 | 0.7830~ | ** | 17 Sep YTD low | |
| R2 | 0.7950 | * | congestion | S3 | 0.7800 | figure | ||
| R1 | 0.7900 | * | congestion | S4 | 0.7710 | ** | September 2011 low |
Asterisk denotes strength of level
09:20 GMT - Consolidation has given way to steady selling interest, as intraday studies continue to fall, with prices currently trading around 0.7880. Daily readings are bearish and broader weekly charts are also under pressure, highlighting room for further losses in the coming sessions. Focus is on critical support at the 0.7850 Fibonacci retracement and the 0.7830~ current year low of 17 September. A close beneath here will add weight to sentiment and extend long-term losses towards 0.7800. Meanwhile, resistance is lowered to congestion around 0.7900. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 0.7950.