Chart USD/CHF Update: Price action remains cautious
The anticipated test of resistance at 0.8350 is giving way to a minor pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8475~ | ** | May 2025 (m) high | S1 | 0.8300 | * | congestion | |
| R3 | 0.8400 | ** | 50% ret of 2025-2026 fall | S2 | 0.8250 | * | congestion | |
| R2 | 0.8385~ | * | 1 Oct YTD high | S3 | 0.8200 | * | congestion | |
| R1 | 0.8350 | * | late-May 25 (w) high | S4 | 0.8150 | congestion |
Asterisk denotes strength of level
09:30 BST - The anticipated test of resistance at 0.8350 is giving way to a minor pullback, as intraday studies turn down, with prices currently balanced around 0.8330. Daily stochastics and the daily Tension Indicator are also under pressure, highlighting room for continuation down to congestion support at 0.8300. But mixed/positive weekly charts should limit any initial tests in fresh consolidation. A close beneath here will add weight to sentiment and open up a test of further congestion around 0.8250.
Meanwhile, any immediate tests above 0.8350 should give way to consolidation beneath strong resistance at the 0.8385~ current year high of 1 October and the 0.8400 Fibonacci retracement.