Chart EUR/CHF Update: Limited tests higher
Cautious trade has given way to anticipated tests higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.9450 | * | congestion | S1 | 0.9300 | ** | congestion | |
| R3 | 0.9400 | * | congestion | S2 | 0.9260 | ** | 2 Oct (w) low | |
| R2 | 0.9375 | congestion | S3 | 0.9245/50 | ** | 61.8% ret; congestion | ||
| R1 | 0.9350 | * | break level | S4 | 0.9190/00 | ** | 76.4% ret; congestion |
Asterisk denotes strength of level
10:55 BST - Cautious trade has given way to anticipated tests higher, with prices currently trading around 0.9330. Oversold daily stochastics are rising, highlighting room for further gains in the coming sessions. But the bearish daily Tension Indicator and negative weekly charts should limit scope in renewed selling interest beneath resistance at 0.9350.
Following cautious/corrective trade, fresh losses are looked for. A later break back below congestion support at 0.9300 will open up the 0.9260 weekly low of 2 October. A further close beneath here will add weight to sentiment and extend September losses below strong support at the 0.9245 Fibonacci retracement and congestion around 0.9250, towards critical support at 0.9190/00.