Chart USD/CHF Update: Pushing higher
The anticipated test of congestion resistance at 0.7900 is giving way to a pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8000 | ** | congestion | S1 | 0.7850 | * | congestion | |
| R3 | 0.7950 | * | congestion | S2 | 0.7800 | * | congestion | |
| R2 | 0.7925 | ** | 29 Apr (w) high | S3 | 0.7770 | ** | 61.8% ret of Jan-Mar rally | |
| R1 | 0.7900 | ** | congestion | S4 | 0.7750 | * | congestion |
Asterisk denotes strength of level
09:15 BST - The anticipated test of congestion resistance at 0.7900 is giving way to a pullback, as overbought intraday studies unwind, with prices currently trading around 0.7885. Daily readings have ticked higher and broader weekly charts are positive, highlighting room for further gains in the coming sessions. However, a close above the 0.7925 weekly high of 29 April is needed to turn sentiment positive and confirm continuation of early-May gains, initially to congestion around 0.7950. Meanwhile, support remains at congestion around 0.7850. Any tests back below here should be limited in consolidation above further congestion around 0.7800.